ChainCatche news, the encrypted trading platform Legend Trading's subsidiary Legend Financial Ireland Limited has been approved by the Central Bank of Ireland as a Virtual Asset Service Provider (VASP). Additionally, Legend Trading is applying for a Crypto Asset Service Provider (CASP) license under the Markets in Crypto-Assets Regulation (MiCA). In Ireland, VASPs registered and operating before December 30, 2024, can continue their business under the transitional provisions set by MiCA while submitting their CASP authorization application.

ChainCatcher news, Franz Bergmüller, CEO of the Swiss crypto bank Amina, stated that the company is applying for a Virtual Asset Service Provider (VASP) license from the Austrian Financial Market Authority. Bergmüller mentioned that the bank must establish a new team before conducting business or generating revenue in Austria.Franz Bergmüller said: "As a bank, we are approaching break-even, but for now, we have deliberately decided to prioritize investment growth."It is reported that Amina was formerly SEBA Bank, which established its headquarters in Zug, Switzerland in April 2022.

ChainCatcher news, Binance announced that it has obtained a Virtual Asset Service Provider (VASP) license issued by the Dubai Virtual Assets Regulatory Authority (VARA), which applies to the local exchange Binance FZE located in Dubai. All accounts of UAE residents will be transferred from Binance's global exchange to the VARA-regulated Binance FZE exchange.UAE resident users will gradually receive emails requesting them to submit documents and update KYC information before the KYC deadline (December 15, 2024).

ChainCatcher news, according to Ming Pao, the licensing transition period for virtual asset service providers (VASP) in Hong Kong will end at the end of this month, and the Securities and Futures Commission will decide whether existing service providers can continue operations. Recently, several platforms, including OKX and VAEX, have withdrawn their license applications, citing high compliance costs in Hong Kong and low local market attractiveness.Industry insiders believe that the liquidity and trading currencies of local platforms are not as good as those overseas, and the stricter regulatory conditions are reasons for the withdrawal of license applications.Currently, only two platforms have been licensed by the Securities and Futures Commission, while 18 are in the application process. Industry professionals suggest strengthening the tokenization of virtual assets in real-world applications to enhance market acceptance and practical use.

ChainCatcher news, Jack Kong, founder of Nano Labs, director of Hong Kong Cyberport Management Company, and member of the Hong Kong Third Generation Internet Development Task Force, posted on social media that leading exchanges have withdrawn their VASP (Virtual Asset Service Provider) license applications in Hong Kong. This will not have a significant impact on these exchanges, but it is not a good sign for the development of Web3 in Hong Kong.He stated that the U.S. Securities and Exchange Commission has begun to follow the trend, and Hong Kong regulators need to keep up; otherwise, the Hong Kong government's efforts to develop Web3 will face greatly increased difficulties. Nevertheless, he remains optimistic about Hong Kong and will continue to express policies that he believes are beneficial for Hong Kong's development.

ChainCatcher news, cryptocurrency exchange OKX announced that after careful consideration of business development prospects, it has decided to withdraw its application for a Virtual Asset Service Provider (VASP) license in Hong Kong. Starting from May 31, 2024, OKX will cease to provide centralized virtual asset trading services to users in Hong Kong as required by regulations, but withdrawal services will not be affected. After May 31, OKX will only support withdrawals for users in Hong Kong. Meanwhile, OKX Web3 (self-custody wallet) product services will continue to be available for users in Hong Kong.OKX reminds users to be aware not to deposit funds into OKX accounts after May 31, 2024. Orders that have not been executed before 23:59:59 Hong Kong time on May 31, 2024, will be automatically canceled, and the balance will be credited to the user's OKX account. Users must withdraw their assets to a self-custody wallet or other third-party platform accounts before 23:59:59 on August 31, 2024. Any remaining assets in the account after the deadline will be considered unclaimed assets and will be handled according to the terms of service.

ChainCatcher news, citing sources from Bloomberg, reports that Binance has recently obtained a comprehensive cryptocurrency license in Dubai, a long-sought achievement for the company. The condition is that Binance founder CZ agrees to relinquish voting control over the local entity. Binance CEO Richard Teng confirmed this news during an interview on Thursday.The Dubai Virtual Assets Regulatory Authority's registry shows that Binance's local subsidiary, Binance FZE, has held a so-called operational MVP license for providing brokerage and exchange services since mid-2023, which is a transitional phase before obtaining the VASP license.Sources revealed that CZ's relinquishment of voting control over the Dubai subsidiary Binance FZE is the final step Binance needs to take before obtaining the VASP license. Local officials want to ensure that Dubai does not violate the agreement Binance reached with U.S. authorities.

ChainCatcher news, Solana ecosystem Web3 application Backpack has announced the launch of a regulated cryptocurrency exchange, Backpack Exchange. Currently, Backpack Exchange has obtained a trading services Virtual Asset Service Provider (VASP) license issued by the Dubai Virtual Assets Regulatory Authority (VARA) and will launch a beta version for existing Backpack and Mad Lads community members this November.The beta version of Backpack Exchange will offer spot cryptocurrency trading services, with the public version set to go live in the first quarter of 2024. Backpack Exchange will also add trading features such as derivatives, margin, and cross-collateral. Backpack is an integrated Web3 application that acts as a non-custodial wallet, providing a crypto-native experience through xNFTs. xNFTs serve as native decentralized applications within Backpack, representing a portal for applications, games, and assets built on any chain.

ChainCatcher news, OKX's Chinese Twitter states that we welcome SFC to further make the current licensing review process for virtual asset trading platforms more transparent and to continue taking a prudent approach in regulation and licensing. Since March, OKX HK has been actively advancing the preparation work for the license application in accordance with relevant laws and guidelines, and currently plans to submit the formal application by the end of October.

ChainCatcher news, recently, Lennix, Managing Director of the Global Institutional Business Division at OKX, was invited by the International Financial Law Review (IFLR) to discuss the competition between Hong Kong and Singapore as Web3 hubs.Lennix stated that both Hong Kong and Singapore are exploring regulations for the crypto industry, and each has its own characteristics regarding VASP licenses, representing two different licensing systems that cannot be directly compared. However, the regulation of crypto trading platforms by the Hong Kong Securities and Futures Commission is very similar to that of traditional securities firms. The cost of obtaining a Hong Kong VASP license is higher than in Singapore, requiring more preparation and higher compliance costs, which is why the number of platforms applying for a Hong Kong VASP license is lower than that in Singapore.It is reported that OKX has previously announced the establishment of a Hong Kong entity and is applying for a Hong Kong VASP license under the new regulatory framework, as well as Type 1 and Type 7 licenses under the Securities and Futures Ordinance.