Wu Jiezhuang: Hong Kong proposes legislation to establish the legitimacy of crypto OTC trading and custody services

According to Foresight News, Hong Kong Legislative Council member Wu Kit-chuang tweeted, "I am very happy to see the Financial Services and the Treasury Bureau of the Hong Kong SAR Government making new developments in promoting digital asset transactions. The SAR government announced a formal consultation on legislative proposals for digital asset transactions and custody services, which represents further clarification of relevant digital asset regulatory activities and also responds to market needs and ideas.



The Hong Kong SAR government has consulted with the industry in the past on the whereabouts of related OTC trading and custody services and has received many opinions. This proposed legislation will not only establish the legitimacy of over-the-counter transactions and custody services for encryption and digital assets, allowing the industry to conduct business in a more compliant manner; on the other hand, it can also crack down on suspected fraudulent activities that use related activities as cover, so that citizens can avoid losses. I encourage the industry to express more opinions during this month to improve Hong Kong's Web3 development and policies. "

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