SFC, HK Customs Set for Joint Supervision of Cryptocurrency OTCs
CryptoNewsTerminal Staff11 Sep, 2024
SFC, HK Customs Set for Joint Supervision of Cryptocurrency OTCs
The Hong Kong Securities and Futures Commission (SFC) and the Customs and Excise Department are planning to jointly regulate local cryptocurrency over-the-counter (OTC) services. The SFC will introduce a licensing regime for OTC firms, and will work with Customs to supervise them. Crypto OTC regulation in Hong Kong was previously handled by the Customs and Excise Department. However, the SFC's involvement could change the regulatory landscape. The SFC has sought industry feedback on the proposed licensing regime. This move is part of a broader effort by Hong Kong to regulate the cryptocurrency industry. The SFC has also proposed a regulatory framework for cryptocurrency exchanges.
