According to *Ming Pao*, the consultation paper jointly released by the Hong Kong SFC and the Treasury Bureau states that all activities—from minor operations like virtual currency trading, withdrawals, and fiat currency exchange to complex activities like brokerage services and large-lot transactions—must apply for licenses from the SFC. This effectively brings over-the-counter (OTC) virtual asset trading platforms under regulation, with requirements significantly stricter than last year’s consultation proposal that OTC platforms should apply for licenses from the Customs. Key provisions include a minimum paid-up capital of HK$5 million for trading service providers and HK$10 million for custodians, along with the requirement to have two SFC-approved responsible officers.