Tencent News "Periscope": Binance has connected with Hong Kong regulators in the past few months

ChainCatcher news, over the past few months, most of the leading cryptocurrency companies with Chinese backgrounds have been seeking to connect with regulatory authorities in Hong Kong, including Cobo from Shenyu and Zhao Changpeng's Binance Group.

It is said that the regulatory authorities, led by the Hong Kong Securities and Futures Commission and the Monetary Authority, have changed their earlier image of being "difficult to deal with" and have become more approachable and communicative. Individuals such as the Secretary for Financial Services and the Treasury, Christopher Hui, had already proactively invited financial professionals related to virtual assets in Hong Kong to meet during the pandemic.

Currently, in addition to having launched the virtual currency trading fund license and exchange license procedures as scheduled, the regulatory authorities in Hong Kong will soon introduce matters related to stablecoin licenses and are even exploring diversified virtual currency derivatives, such as spot Bitcoin ETFs.

Two individuals who are attempting to apply for an exchange license stated that they expect the costs required before submitting the license application to be at least around HKD 100 million. This cost mainly consists of system technology, aside from the management personnel costs, and this is merely an entry ticket for applying for an exchange license in Hong Kong. (Source link)