Hong Kong's Securities and Futures Commission (SFC) is exploring the possibility of implementing a new licensing system for cryptocurrency over-the-counter (OTC) services and is seeking feedback from industry participants.
This would involve the SFC, as the regulator of securities and futures markets, working with the Customs and Excise Department (C&ED) to oversee companies offering cryptocurrency OTC trading services.
Originally, the regulatory and licensing plan for OTC services was to be handled exclusively by the C&ED, as outlined in a proposal made public in February.
OTC trading services allow individuals to buy and sell cryptocurrencies privately.