The virtual asset is fast evolving in Hong Kong. On February 8th 2024. The Financial Services and Treasury Bureau of Hong Kong issued a public consultation paper for public views of proposals to regulate the trading of virtual assets.
Currently established regulations of virtual asset include a licensing regime operated by the Securities and Futures Commission in Hong Kong, subject to fit and proper test, and investor protection requirements. It is proposed that the Commissioner of Customs and Excise CCE regulate over the counter (OTC) trading of virtual assets (VA) by introduction of a licensing regime for providers of VA OTC services under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance.
Consultation questions were outlined in areas of “conditions of the trading activity, condition of licensing; exemption; prohibition of marketing of unlicensed individuals; penalty level; and other regulatory requirements for mitigating risks in virtual asset trading.
All public views and comments on the proposals in consultation document is welcomed by 12 April 2024 through mail or email to Financial Service and the Treasury Bureau.
By mail: Division 5, Financial Services Branch
Financial Services and the Treasury Bureau
24/F, Central Government Offices
Tim Mei Avenue, Tamar Central, Hong Kong
By email: vaotc-consult@fstb.gov.hk
In case of any question, please feel free to contact GCC Consulting for details at info@gcc-consulting.
A copy of the full consultation paper can be downloaded in the following link:
https://www.info.gov.hk/gia/general/202402/08/P2024020800238.htm