ChainCatcher news, according to Hong Kong media Xin Bao, the Financial Secretary of Hong Kong, Paul Chan, stated that since the publication of the digital asset policy declaration two years ago, there have been several developments in the short term, including the introduction of regulatory requirements for virtual asset trading platforms. So far, three operators have been licensed, and several more licenses are expected to be issued by the end of this year. The Hong Kong government plans to promote legislation on this matter.Paul Chan also mentioned that an important theme in the financial sector for the next two years is: blockchain and artificial intelligence (AI). While the government embraces new technologies, it also pays attention to the potential risks they bring, making balance and regulation very important. Since the beginning of this year, the largest fintech investments in Asia include three in mainland China and two in Hong Kong, indicating the attractiveness of the Hong Kong fintech market.

ChainCatcher news, Brainwave Crypto announces its entry into the Hong Kong market, planning to apply for a license in Hong Kong with the goal of providing cryptocurrency trading services to Hong Kong customers.Brainwave Crypto launched its cryptocurrency exchange in Singapore in 2024, and its Hong Kong CEO, Paredes, stated that the new cryptocurrency policy in Hong Kong is quite welcoming and that there is a strong sensitivity to the risks of digital assets.

ChainCatcher news, according to reports from Huigang Communications, OKX's Global Chief Business Officer, Li Zhikai, stated that the preparation for OKX HK's compliance license application in Hong Kong has entered its final stage, hoping to obtain the license by June next year, and in the following year, it may attract 100,000 to 200,000 retail investors from Hong Kong.Li Zhikai mentioned that he expects the number of brokers receiving licenses next year will not surge, believing that the Securities and Futures Commission will take a conservative stance and have very high requirements for applicants, thinking that the authorities will want to observe the operational situation of the license applicants first.

ChainCatcher news, according to the Hong Kong Economic Journal, HSBC Hong Kong CEO Helen Wong responded to the "SAR government's hope to expand the virtual asset industry in Hong Kong and build a good ecosystem, but there are reports that technology companies face difficulties when opening bank accounts" by stating that misunderstandings may have occurred in communication between operators and banks. She mentioned that the Monetary Authority and the Securities and Futures Commission have established a clear framework, and that licenses can be obtained by meeting specific conditions. Furthermore, if they can pass HSBC's Know Your Customer (KYC) and Anti-Money Laundering (AML) checks, they can naturally open accounts with the bank. "As for the complaints (noise) in the market, it should be inquired whether the operators comply with the regulatory framework."

ChainCatcher news, according to CoinDesk, Justin Sun stated on CoinDesk TV that Huobi could potentially obtain a cryptocurrency trading license in Hong Kong by the end of this year. He mentioned that Huobi submitted an application for a Virtual Asset Service Provider (VASP) last week, which includes an 18-month grace period during which regulators can approve or deny the application. However, Justin Sun said he predicts a decision may come in the next six to twelve months.Justin Sun also indicated that exchanges such as OKX, Gate.io, Bitget, and Bybit may also apply for licenses. When asked if it was possible to compete with Coinbase and Kraken in Canada, Justin Sun stated that, given the strict regulatory requirements, Huobi has no plans to operate in that country. (Source link)

ChainCatcher news, asset management company Yibo Financial plans to apply for a Virtual Asset Service Provider (VASP) license from the Hong Kong Securities and Futures Commission, as well as a Type 7 (providing automated trading services) license. At the same time, it is in discussions with several ETF issuers and the Securities and Futures Commission, planning to list its Bitcoin spot fund in the form of an ETF in Hong Kong. (Source link)

ChainCatcher news, according to Securities Daily, starting from June 1, the "Guidelines for Virtual Asset Trading Platform Operators" and "Anti-Money Laundering Guidelines" issued by the Hong Kong Securities and Futures Commission (SFC) will be officially implemented. From this date, the SFC will begin accepting license applications from virtual asset trading platform operators and will allow retail investors to use licensed virtual asset trading platforms.It is understood that since the SFC announced the license application forms on May 25, some companies have begun preparing to apply for licenses. According to the virtual asset licensing system, it is necessary to apply for a digital asset license and a Virtual Asset Service Provider (VASP) license.Earlier news today, the SFC issued a circular regarding the transitional arrangements for the licensing system for virtual asset trading platforms. (Source link)

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)

ChainCatcher news, according to the Hong Kong Radio website, the acting head of the Intermediaries Division of the Hong Kong Securities and Futures Commission, Choi Chung-fai, stated that there are currently no platforms available for retail investors to buy and sell virtual assets. It is expected that after the guidelines come into effect, retail investors will be able to trade on licensed trading platforms as early as the second half of this year.Choi emphasized that if local virtual asset platforms have not been operating before the regulations come into effect, or if overseas platforms do not have a license after the guidelines are implemented, they cannot conduct virtual asset trading business in Hong Kong, nor can they promote in Hong Kong; otherwise, they will be held criminally liable. Existing platforms can apply for a license within 9 months after the guidelines come into effect.He also mentioned that licensed platforms must ensure that their clients are not trading through "VPNs" and must verify whether the IP addresses are from regions where virtual asset trading is prohibited, emphasizing the need to comply with relevant regional regulations. (Source link)

ChainCatcher news, according to Forbes India, wallet infrastructure and digital asset custody service provider Liminal has obtained a TCSP (Trust or Company Service Provider) license in Hong Kong, enabling the company to offer regulated digital asset custody services in Hong Kong. (Source link)

ChainCatcher news, Huobi Global's legal advisor in Hong Kong revealed during an interview that the U.S. SEC's accusations against Justin Sun and his three companies, Tron Foundation, BitTorrent Foundation, and BitTorrent, last week may thwart Huobi's application for a cryptocurrency trading license in Hong Kong and its plans to launch the new exchange Huobi Hong Kong.Although Huobi was not named in the U.S. SEC lawsuit, Nikkei Asia interviewed six lawyers who stated that the actions of the U.S. regulatory agency would make it more difficult for the Hong Kong Securities and Futures Commission (SFC) to approve Huobi's VASP application.In the interview, Justin Sun responded that the U.S. accusations have "no impact" on Huobi's business plans in Hong Kong. A Huobi spokesperson stated in a Telegram message, "Our original plans remain unchanged." (Nikkei Asia)

ChainCatcher news, according to Bloomberg, officials from the Central People's Government Liaison Office in the Hong Kong Special Administrative Region are regular attendees at cryptocurrency gatherings in Hong Kong, where they monitor developments and request reports, and in some cases, follow up by phone. Bloomberg reports that the mainland government may support the region's consultation process for legalizing retail cryptocurrency trading. The Liaison Office did not respond to requests for comment.According to ChainCatcher's report yesterday, the Hong Kong Securities and Futures Commission has launched a consultation regarding the regulation of virtual asset trading platforms, which will end on March 31 to align with the new licensing regime that can officially take effect on June 1. (Bloomberg)

ChainCatcher news, Gracy Chen, General Manager of the cryptocurrency trading platform Bitget, expressed her delight at seeing Hong Kong regulators issue new consultation documents exploring the feasibility of opening cryptocurrency virtual asset trading to retail investors. This is a significant advancement for the entire industry and for Bitget.Gracy Chen pointed out that Bitget hired lawyers and compliance professionals in Hong Kong at the end of last year to further understand all relevant Hong Kong policies and is preparing to apply for a Hong Kong virtual asset trading platform license to better serve customers in the region, providing the highest standards of security and compliance. Bitget has already made impressive progress in regions such as Europe, the Middle East, and North Africa, and is committed to providing better services globally under compliance conditions. (source link)