The Hong Kong Securities and Futures Commission (SFC) and the Financial Services and the Treasury Bureau (FSTB) have released consultation papers indicating that activities ranging from small virtual asset transactions, withdrawals, and fiat currency exchanges to complex activities such as brokerage and large-scale transactions will require a license from the SFC. This effectively brings virtual asset over-the-counter (OTC) platforms under regulation, with requirements far stricter than those proposed in last year's consultation, which involved OTC platforms applying for licenses from Customs. This includes a minimum paid-up share capital of HK$5,000,000 for trading service providers and HK$10,000,000 for custodians, as well as the requirement to have two responsible officers approved by the SFC. [Ming Pao]