According to online reports, according to Hong Kong media Ming Pao, the Hong Kong Securities and Futures Commission and the Treasury Bureau have announced a consultation document to legislate to establish a licensing system for digital asset (i.e. virtual assets) trading and custody service providers. The document mentions that they plan to require virtual asset service providers, whether it is as small as virtual currency transactions, withdrawals, and conversion of legal currency, or as complex as brokerage activities or large-hand transactions, they must apply for a license from the Securities Regulatory Commission, which is equivalent to bringing virtual over-the-counter (OTC) platforms into supervision. And the requirements are much stricter than the requirements for fake OTC platforms to apply for licenses from customs during last year's consultation. At the same time, the consultation document also mentions the practice of not having a transition period when the law comes into effect or being considered licensed. Operators who do not comply with the requirements must close down immediately. If they operate without a license, they can be fined up to $5 million and imprisoned for seven years.