Hong Kong to Introduce Virtual Asset Trading Licen

Good news is coming! The Hong Kong government recently announced that it will launch a public consultation on legislative proposals to establish a licensing system for virtual asset over-the-counter trading service providers. This means that anyone who provides any services of virtual assets and spot money transactions in the form of business in Hong Kong needs to apply for a license from the Commissioner of Customs and Excise. In addition, the Commissioner of Customs will also be given the power to supervise the compliance of licensees in combating money laundering and terrorist financing. In order to allow the regulatory system to be effectively implemented, the government will also provide transitional arrangements. This move will undoubtedly bring a more standardized market environment for virtual assets such as Bitcoin, let us wait and see!