According to Odaily, Hong Kong Legislative Council member Ng Kit Chuang expressed support for the Hong Kong Special Administrative Region Government's new developments in digital asset trading. He announced on the X platform that the Financial Services and the Treasury Bureau has initiated consultations on legislative proposals for digital asset trading and custody services. This move aims to further clarify the regulatory activities surrounding digital assets and address market demands and ideas.
Ng highlighted that previous consultations with the industry on the direction of over-the-counter trading and custody services have garnered significant feedback. The proposed legislation seeks not only to establish the legitimacy of crypto and digital asset OTC trading and custody services but also to enable the industry to operate in a more compliant manner. Additionally, it aims to combat fraudulent activities that exploit these services as a guise.