The licensing fees for virtual assets under Hong Kong's new regulatory system could be as high as 20 million USD

ChainCatcher news, according to CoinDesk, under Hong Kong's new regulatory framework, cryptocurrency exchanges may need to pay up to $20 million in licensing fees. This new licensing system for virtual asset trading platforms came into effect in June this year, requiring exchanges operating in Hong Kong to apply for new approvals within a year or exit the market.

Currently, the trading platforms OSL and HashKey, which previously opted into a voluntary licensing system, have been approved under the new regulatory framework to serve retail investors. However, three informed sources revealed that obtaining the new license could cost between $12 million and $20 million. These costs include operational expenses incurred before obtaining the license, as well as necessary vendor fees required for the application itself, including consultants, lawyers, and insurance providers.