Hong Kong to Centralize Regulation of Virtual Asset OTC Services

According to Odaily, Hong Kong's Financial Services and the Treasury Bureau previously proposed that the Customs Department issue licenses and regulate virtual asset over-the-counter (OTC) services. Financial Secretary Christopher Hui explained that after suggesting Customs oversight, legislative council members expressed concerns about regulatory arbitrage. It was later discovered that the market's operational model was more complex than initially anticipated, with some OTC institutions also providing custodial services. As a result, the Securities and Futures Commission (SFC) has been designated as the primary regulator for these transactions source: https://www.binance.com/en/square/post/26606091004985?utm_source=BinanceNewsRSS