English Translation:

Foresight News reported that Gary Tiu, Executive Director of OSL Group, a Hong Kong digital asset listed company, stated that the involvement of the Securities and Futures Commission (SFC) in OTC rulemaking could lead to a more professional and comprehensive regulatory framework for OTC trading. This would create a multi-departmental regulatory system in collaboration with Customs, effectively preventing illegal activities and risks.

Tiu further highlighted that OSL, currently one of only two licensed virtual asset trading platforms in Hong Kong recognized by the SFC, adheres to stringent KYC and AML standards to ensure customer asset security. OSL is also SOC 2 Type 2 certified and undergoes regular audits.

Earlier reports from Foresight News revealed that Hong Kong is considering involving the SFC in the regulation of OTC virtual asset trading services. The SFC has reportedly sought industry feedback on a potential new licensing regime for crypto OTC services. This system would be co-regulated by the SFC and Customs. The proposal released in February 2024 initially suggested that OTC crypto shops would be regulated solely by Customs.