According to Techub News, in a joint consultation regarding the regulatory framework for virtual asset trading service providers and custodians conducted yesterday by the Financial Services and the Treasury Bureau (FSTB) and the Securities and Futures Commission (SFC), the document mentioned that the authorities plan to require virtual asset service providers, whether involved in simple activities such as coin trading, withdrawals, or fiat exchanges, or more complex activities such as brokerage services and large transactions, to apply for licenses from the SFC. This means that the virtual asset OTC Trading platforms will be brought under regulation, with requirements being much stricter than those discussed in last year's consultation regarding the need for OTC Trading platforms to apply for licenses from customs. Additionally, the consultation document indicates that there will be no transitional period for the law to come into effect, and operators deemed non-compliant will be required to cease operations immediately. Those operating without a license may face fines of up to 5 million and imprisonment for up to 7 years.