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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.
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.
OTC trading services allow users to privately buy and sell cryptocurrencies. For more information, you can check out Cointelegraph’s 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.
SFC Puts Suspicious Crypto Platforms on “Warning List”
The SFC has published a warning list of unlicensed or “suspicious virtual asset trading platforms” operating in Hong Kong.
The SFC warned that these platforms could target Hong Kong investors. The warning list includes suspicious websites or unlicensed entities as of January 2020.
Hong Kong Aims to Become Global Crypto Hub
Hong Kong aims to become a global crypto hub by growing its digital assets industry. The region is trying to attract investors and related companies. As of June 1, operating an unlicensed virtual asset trading platform (VATP) in Hong Kong became a criminal offense. There are currently only two fully licensed virtual asset trading platforms in Hong Kong: Hash Blockchain and OSL Digital Securities.
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Crypto exchanges that have not yet received full operating licenses in Hong Kong include Crypto.com, Bullish, HKbitEX, PantherTrade, Accumulus, DFX Labs, Bixin.com, EX.IO, YAX, WhaleFin and Matrixport HK.
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