The Hong Kong Securities and Futures Commission (SFC) is working on a new licensing regime for cryptocurrency over-the-counter (OTC) services and is seeking input from industry participants.<\/p>\n
As the securities and futures market regulator, the SFC plans to work with the Customs and Excise Department (C&ED) to oversee companies offering OTC crypto trading services. According to a proposal made public in February, the regulation and licensing process for OTC services was initially to be managed solely by the C&ED.<\/p>\n
OTC trading services allow users to privately buy and sell cryptocurrencies. For more information, you can check out Cointelegraph\u2019s guide to crypto OTC trading. The SFC recently asked for input from companies already offering OTC trading services on how to implement a new licensing regime for crypto custody services. The SCMP, citing anonymous sources, reported that discussions on these licenses are still in the early stages.<\/p>\n