Hong Kong Securities and Futures Commission Strengthens Regulation of Virtual Asset Over-the-Counter Trading Platforms

According to reports from Wu, the Hong Kong Securities and Futures Commission and the Financial Services and the Treasury Bureau have released a consultation document requiring virtual currency trading, withdrawals, and exchanges for fiat currency to obtain a license, bringing virtual asset over-the-counter trading platforms under regulation. The new rules require trading service providers to have a minimum paid-up capital of 5 million HKD, custodians to have 10 million HKD, and must have two approved responsible persons by the Securities and Futures Commission.