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According to a June 27 report by local outlet Foresight News, Web3 companies in Hong Kong are spending between 20 and 200 million HK dollars ($2.55 million and $25.5 million) on the acquisition. a Virtual Asset Service Provider (VASP) license. . Sources explained:
Since traditional financial institutions do not have relevant prerequisite infrastructure and have gone from zero to one in various aspects such as products and teams, cost [associated with VASPs] was very high. However, even for an experienced cryptocurrency institution, the cost of obtaining a license is not cheap.
Foresight analysts mentioned that Hong Kong subsidiaries of exchanges such as OKX, BitgetX, HashKey Pro, OSL and Gate.io have already started operations. Since June 27, OKX has grown to 8,800 registered users in Hong Kong with a cumulative transaction volume of $150 million in the Special Administrative Region (SAR) of China.
On June 1, Hong Kong unveiled new VASP license requirements for cryptocurrency exchanges. Among many things, companies must properly disclose user statistics and company financial statements to the Hong Kong Securities and Futures Commission for regulatory approval. Exchanges that do not meet the requirements will have to cease their activities in the RAS by the middle of next year.
HK advances. pic.twitter.com/BY4Bg6qHOu
CZ Binance (@cz_binance) June 27, 2023
On the same day, the Hong Kong Virtual Asset Consortium released its virtual asset index comprised of major cryptocurrencies such as Bitcoin (BTC) and Ether (ETH), alongside altcoins and privacy tokens. The new organization seeks to provide rating services and indices to facilitate retail crypto trading in the SAR and is backed by Huobi, KuCoin, Bitget and others.
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Sources 2/ https://cointelegraph.com/news/web3-firms-are-spending-up-to-25m-on-hk-crypto-licenses The mention sources can contact us to remove/changing this article |
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