Hong Kong to Consult on Regulation for OTC Crypto Venues 'Very Soon'

[Cordillerabit]

The Financial Services and the Treasury Bureau will consult on over-the-counter venues like shops and online platforms following the outlets' role in crypto fraud cases.

Hong Kong said it plans to consult on a framework for over-the-counter (OTC) crypto venues and will start the process "very soon."
The consultation will cover virtual-asset (VA) outlets such as shops and online platforms, the Financial Services and the Treasury Bureau (FSTB)

"In fact, OTC venues have played a certain role in some of the fraud cases involving some unlicensed VA trading platforms last year, having misled investors to channel funds to these unlicensed platforms," the FSTB said. "Therefore, we believe that it is necessary to bring OTC venues under regulation, and we will launch a consultation very soon on the proposed regulatory framework."

Source: https://www.coindesk.com/policy/2024/02/02/hong-kong-to-consult-on-regulation-for-otc-crypto-venues-very-soon/?_gl=1*