Odaily Planet Daily News: Last year, when the Hong Kong Financial Secretary's Office consulted the public on over-the-counter (OTC) trading of virtual assets, it proposed that the licensing be handled by the Customs Commissioner, with Customs regulating virtual asset OTC services. Hong Kong Financial Secretary Paul Chan explained that after the proposal to hand OTC regulation over to Customs, some legislative council members raised different opinions, including concerns about regulatory arbitrage. It was later discovered that the market's operational model was more complex than initially imagined, with some OTC institutions not only providing OTC services but also conducting custody services. Therefore, there is a desire to centralize the regulation of related transactions. The Hong Kong Securities and Futures Commission is now designated as the main regulator, and if the services involve banks, the Hong Kong Monetary Authority will serve as the frontline regulator. Paul Chan also added that regardless of whether virtual asset service providers will ultimately be considered as having a licensing arrangement, there will be sufficient expectations to ensure that there are enough regulatory and other resources to handle license applications.