Hong Kong Secretary for Financial Services and the Treasury Hui Ching-yu said that the government believes that there is a need to bring virtual currency over-the-counter exchanges (OTC) into supervision and will launch a consultation on the proposed regulatory framework in the short term. We hope that citizens and stakeholders will actively express their opinions. . We are not sure how short this will be in the short term, but one thing is certain: virtual currency OTC will usher in an era of compliance in Hong Kong. As an established international financial center, Hong Kong has always been relatively open and tolerant towards the new thing of virtual currency. Hong Kong does not regard virtual currencies as legal tender or financial instruments, but defines them as a "virtual asset" and adopts corresponding regulatory measures based on the activities and risk levels involved.
At present, Hong Kong's supervision of virtual currencies mainly focuses on two aspects: one is the supervision of virtual asset trading platforms (VASP), and the other is the supervision of over-the-counter (OTC) merchants. (Hong Kong 101)