Hong Kong Financial Secretary: Plans to amend the virtual asset OTC operating regulations and establish relevant regulatory arrangements

ChainCatcher news, according to the Hong Kong Economic Journal, the Secretary for Financial Services and the Treasury, Christopher Hui, stated that Hong Kong plans to amend the operating regulations for virtual asset over-the-counter exchanges and establish relevant regulatory arrangements. Regarding virtual asset advertisements and influencer promotions, Hui mentioned that there are currently means to handle and regulate the behavior of celebrities or influencers promoting virtual asset platforms.

Hui stated that the Anti-Money Laundering Ordinance grants the Securities and Futures Commission new powers to enforce regulations on advertisements and promotions related to virtual assets. Once fraud and misleading situations are identified, the Commission has the authority to issue suspension and cessation orders to the parties involved. If the illegal activities do not cease, it may apply to the court for an injunction.