TechFlow, on December 25, Hong Kong Legislative Council member Wilson Ng posted on X platform stating: "I welcome the Hong Kong SAR government's Financial Services and the Treasury Bureau for making new progress in promoting digital asset trading. The formal consultation on legislative proposals for digital asset trading and custodial services represents a further clarification of related regulatory activities and responds to market demands and expectations. In previous consultations with the industry regarding the direction of relevant over-the-counter trading and custodial services, numerous opinions were received. This legislative proposal will not only establish the legitimacy of cryptocurrency and digital asset OTC trading and custodial services, enabling the industry to operate in a more compliant environment, but also help combat suspected fraud activities conducted under the guise of such operations."
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