Hong Kong lawyer: Virtual asset trading platforms must meet three key points to obtain a license in Hong Kong, including "a capital injection of no less than 5 million Hong Kong dollars and two local Hong Kong supervisors," etc

ChainCatcher news, TKX Capital's compliance partner, Hong Kong lawyer Wu Wenqian stated in an interview with a reporter from Caixin that there are three main points for a virtual asset trading platform to obtain a license in Hong Kong: first, it needs to have a minimum paid-up capital of HKD 5 million and maintain current assets sufficient for at least 12 months of operating expenses; second, it requires two local Responsible Officers (ROs) in Hong Kong to serve as executive directors of the Virtual Asset Service Provider (VASP), and these two ROs must have 3 years of experience in the virtual asset industry, while other executives also need to undergo background checks by the Hong Kong Securities and Futures Commission; third, there are requirements for external assessments, including governance and staffing, listing processes, anti-money laundering processes, market monitoring, etc.

In his view, the most challenging aspect of obtaining a virtual asset trading license in Hong Kong is recruiting executives who meet regulatory requirements. Hong Kong places great importance on the compliance of exchanges, specifically requiring that the responsible officers have 3 years of industry experience, preferably from compliant exchanges. (Source link)