In recent times, Hong Kong's financial regulatory bodies have proposed an innovative measure, which involves integrating the powers of the Securities and Futures Commission (SFC) and the Customs and Excise Department (C&ED) to jointly oversee Over-The-Counter (OTC) services for virtual assets. This initiative aims to enhance collaboration for more effective monitoring and regulation of cryptocurrency OTC transactions, promoting the healthy development of financial markets. Additionally, the SFC is actively exploring the introduction of new licensing systems for cryptocurrency custodial services to further refine the regulatory framework. These reform measures reflect Hong Kong's growing attention to the cryptocurrency market, with the aim of establishing stricter regulations to ensure market transparency and investor protection.