Wu Jiezhuang: Legislation on over-the-counter trading and custody of digital assets can combat fraud and establish the legitimacy of related services.

Odaily Planet Daily reports that Hong Kong Legislative Council member Ng Kit-chung posted on the X platform: "We welcome the Hong Kong SAR Government's Financial Services and the Treasury Bureau's formal consultation on legislative proposals to promote new developments in digital asset trading and digital asset trading and custody services. This represents a further clarification of relevant digital asset regulatory activities and responds to market demands and ideas. In the past, consultations with the industry regarding the future of related over-the-counter trading and custody services have received considerable feedback. This proposed legislation will not only establish the legitimacy of encrypted and digital asset over-the-counter trading and custody services, allowing the industry to conduct business in a more compliant manner, but also combat suspected fraudulent activities using related activities as a pretext."