PANews reported on July 7 that according to Ming Pao, when the Hong Kong Treasury Department consulted the public on virtual asset over-the-counter (OTC) transactions last year, it proposed thatPANews reported on July 7 that according to Ming Pao, when the Hong Kong Treasury Department consulted the public on virtual asset over-the-counter (OTC) transactions last year, it proposed that

Xu Zhengyu: Hong Kong's virtual asset OTC trading custody services are expected to be mainly supervised by the Securities and Futures Commission

2025/07/07 10:49

PANews reported on July 7 that according to Ming Pao, when the Hong Kong Treasury Department consulted the public on virtual asset over-the-counter (OTC) transactions last year, it proposed that the Commissioner of Customs and Excise issue licenses and that the Customs and Excise Department regulate virtual asset OTC services. Hong Kong Treasury Secretary Paul Chan explained that when the OTC was proposed to be regulated by the Customs, some Legislative Council members expressed different opinions, including concerns about regulatory arbitrage. Later, it was found that the market operation model was more complicated than originally imagined. Some OTC institutions not only operated OTC services but also provided custody services. Therefore, they hoped to centrally regulate related transactions. Now the Hong Kong Securities and Futures Commission is defined as the main regulator. If the (service) involves banks at that time, the HKMA will be the front-line regulator.

Xu Zhengyu also added that regardless of whether virtual asset service providers will eventually be treated as licensed, full expectations will be given to ensure that there are sufficient regulatory and other resources to process license applications.

Market Opportunity
Virtuals Protocol Logo
Virtuals Protocol Price(VIRTUAL)
$0,6775
$0,6775$0,6775
-4,06%
USD
Virtuals Protocol (VIRTUAL) Live Price Chart
Disclaimer: The articles reposted on this site are sourced from public platforms and are provided for informational purposes only. They do not necessarily reflect the views of MEXC. All rights remain with the original authors. If you believe any content infringes on third-party rights, please contact service@support.mexc.com for removal. MEXC makes no guarantees regarding the accuracy, completeness, or timeliness of the content and is not responsible for any actions taken based on the information provided. The content does not constitute financial, legal, or other professional advice, nor should it be considered a recommendation or endorsement by MEXC.

You May Also Like

Buterin pushes Layer 2 interoperability as cornerstone of Ethereum’s future

Buterin pushes Layer 2 interoperability as cornerstone of Ethereum’s future

Ethereum founder, Vitalik Buterin, has unveiled new goals for the Ethereum blockchain today at the Japan Developer Conference. The plan lays out short-term, mid-term, and long-term goals touching on L2 interoperability and faster responsiveness among others. In terms of technology, he said again that he is sure that Layer 2 options are the best way […]
Share
Cryptopolitan2025/09/18 01:15
Trump rethinks China tech curbs amid Nvidia H200 review

Trump rethinks China tech curbs amid Nvidia H200 review

Trump administration has started reviewing license applications to ship Nvidia's H200 AI chips to China with a 25% fee.
Share
Cryptopolitan2025/12/19 15:41
Polygon Tops RWA Rankings With $1.1B in Tokenized Assets

Polygon Tops RWA Rankings With $1.1B in Tokenized Assets

The post Polygon Tops RWA Rankings With $1.1B in Tokenized Assets appeared on BitcoinEthereumNews.com. Key Notes A new report from Dune and RWA.xyz highlights Polygon’s role in the growing RWA sector. Polygon PoS currently holds $1.13 billion in RWA Total Value Locked (TVL) across 269 assets. The network holds a 62% market share of tokenized global bonds, driven by European money market funds. The Polygon POL $0.25 24h volatility: 1.4% Market cap: $2.64 B Vol. 24h: $106.17 M network is securing a significant position in the rapidly growing tokenization space, now holding over $1.13 billion in total value locked (TVL) from Real World Assets (RWAs). This development comes as the network continues to evolve, recently deploying its major “Rio” upgrade on the Amoy testnet to enhance future scaling capabilities. This information comes from a new joint report on the state of the RWA market published on Sept. 17 by blockchain analytics firm Dune and data platform RWA.xyz. The focus on RWAs is intensifying across the industry, coinciding with events like the ongoing Real-World Asset Summit in New York. Sandeep Nailwal, CEO of the Polygon Foundation, highlighted the findings via a post on X, noting that the TVL is spread across 269 assets and 2,900 holders on the Polygon PoS chain. The Dune and https://t.co/W6WSFlHoQF report on RWA is out and it shows that RWA is happening on Polygon. Here are a few highlights: – Leading in Global Bonds: Polygon holds 62% share of tokenized global bonds (driven by Spiko’s euro MMF and Cashlink euro issues) – Spiko U.S.… — Sandeep | CEO, Polygon Foundation (※,※) (@sandeepnailwal) September 17, 2025 Key Trends From the 2025 RWA Report The joint publication, titled “RWA REPORT 2025,” offers a comprehensive look into the tokenized asset landscape, which it states has grown 224% since the start of 2024. The report identifies several key trends driving this expansion. According to…
Share
BitcoinEthereumNews2025/09/18 00:40