Wu said that according to Ming Pao, Hong Kong's Financial Secretary, Eddie Hui, stated that the proposal to submit over-the-counter (OTC) trading of virtual assets to customs supervision in the past has raised concerns among Legislative Council members about "regulatory arbitrage" and market attractiveness. Subsequently, the government discovered that some OTC institutions also provide custody services, making their operating models more complex. Therefore, in this consultation, it is recommended that the Hong Kong Securities and Futures Commission be the main regulatory agency for virtual asset trading and custody services, while the front-line supervision of banking business should be carried out by the Hong Kong Monetary Authority. Xu Zhengyu emphasized that regardless of whether there is a "deemed licensed" mechanism in the future, the government will provide sufficient expectations for the market and ensure that regulatory and approval resources are in place. https://www. (wublock123.com)/index.php? m=content&c=index&a=show&catid=6&id=45146