The Hong Kong government has launched a public consultation as it looks to regulate over-the-counter (OTC) virtual asset trading.
Under the new rules, anyone caught operating a virtual asset exchange store without a license would face two years in prison and a fine of HK$1 million (US$127,873).
Hong Kong Launches Consultation On Regulatory Proposals
The public consultation was launched on Thursday and dealt with regulatory proposals that look to implement a licensing regime for the providers of OTC trading services for virtual assets. The consultations will continue until the 12th of April, 2024. A government spokesperson stated,
“The legislative proposals constitute an important element in the Government’s efforts to develop a robust and transparent regulatory environment for the sustainable development of virtual assets and Web3. The proposed licensing regime for virtual asset over-the-counter service providers will effectively mitigate the ML/TF risks of the virtual asse
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