HKIEF Hong Kong Innovative Encryption Fund: Hong Kong will establish a VASP licensing system while implementing dual licensing supervision
ChainCatcher news, HKIEF Hong Kong Innovation Crypto Fund stated on social media that Hong Kong will establish a VASP (Virtual Asset Service Provider) licensing system, while implementing dual licensing supervision.
Securities Token Exchange: The current system under the Securities and Futures Ordinance regulates securities token trading conducted by virtual asset trading platforms. Required licenses: Type 1 and Type 7.
Non-Securities Token Exchange: Regulated under the Anti-Money Laundering Ordinance's Virtual Asset Service Provider system for non-securities token trading conducted by virtual asset trading platforms. Required licenses: VASP license + Trust license. Among them, stablecoins: USDT, USDC are classified as securities; BTC, ETH, etc., and OTC businesses are classified as non-securities.
The virtual asset service provider licensing system is expected to take effect on June 1, 2023, and by May 31, 2024, Hong Kong needs to fully license virtual asset activities. (source link)
