The Hong Kong Securities Regulatory Commission will introduce a mandatory virtual asset trading platform (VASP) licensing system starting from June 1 this year, and plans to open up retail investors to invest in virtual assets. The Hong Kong Securities Regulatory Commission recently stated that it will release licensing guidelines for virtual asset trading platforms next month.After the formal implementation of the new virtual asset platform licensing system, all virtual asset exchanges operating in Hong Kong or promoting services to Hong Kong investors, regardless of whether they provide securities based token trading services, must obtain licensing from the Hong Kong Securities Regulatory Commission and be subject to its supervision.Conducting any unlicensed activities is a criminal offense.On April 26th, the Chief Executive of the Hong Kong Securities Regulatory Commission, Leung Fung yi, stated during an event that it is expected to introduce licensing guidelines for virtual asset trading platforms in May. During the previous consultation process, more than 150 feedback opinions were received.The main suggestion of consultation is to open up licensed platforms to provide services to retail investors. Zhitong Finance has learned that according to previous policies, platform operators can only provide services to professional investors with a funding threshold of up to HKD 8 million, and ensure that their customers fully understand virtual assets. In addition, licensed platforms will be included in the regulatory sandbox of the China Securities Regulatory Commission and will be subject to close and rigorous supervision for a period of time.On December 16, last year, the ETF based on Bitcoin and Ethereum futures launched by Southern Dongying Asset Management Co., Ltd. was officially listed on the Hong Kong Stock Exchange, marking Hong Kong becoming the world's first market to provide Ethereum futures ETF and the first market in Asia to provide Bitcoin futures ETF. Under the latest proposed trading platform system, retail investors can directly participate in Bitcoin and Ethereum trading on regulated platforms in the future.In fact, the licensing procedures for virtual asset transactions in Hong Kong have always been very strict. Under the existing system, only two encryption platforms are licensed - OSL (OSL DigitalSecurities Limited) and HashKey (HashBlockchain Limited).(Image source: Hong Kong Securities Regulatory Commission)According to media reports,Huo Coin, OKEXBoth parties have expressed their intention to apply for an exchange license in Hong Kong and have established an office in Hong Kong.Additionally, the Singapore basedDBS Silverthat 's okIt also stated its intention to apply for relevant licenses in Hong Kong to provide cryptocurrency services to local customers.that 's ok12 month transition period arrangementThe Hong Kong Securities and Futures Commission stated that considering that platform operators licensed under the Securities and Futures Ordinance may need to modify their systems and monitoring measures to comply with the new regulations, a transition period of 12 months has been proposed.The China Securities Regulatory Commission stated that, Anyone who engages in the business of providing virtual asset services or shows that they operate the business must apply for a license from the Securities and Futures Commission. The existing virtual asset trading platform has been provided as a licensed arrangement, so that they can continue to operate in Hong Kong after the implementation of the virtual asset service provider system under the Anti Money Laundering Ordinance. It must be within the period from June 1, 2023 to February 29, 2024, in accordance with the Anti Money Laundering Ordinance The virtual asset service provider system under is to submit fully completed license applications online. If the SFC considers that the relevant license application meets the conditions for licensing, the virtual asset trading platform will automatically be deemed to have been licensed from June 1, 2024 This passage may sound quite convoluted, but to put it bluntly, the two companies that have already been licensed need to comply with the new regulatory requirements within the prescribed transition period.As for the original virtual asset trading platform, if it has no intention of applying for a license, it should start preparing to end its business in Hong Kong in an orderly manner, with a deadline of May 31, 2024.Fierce business of virtual insurance companiesAccording to the consultation document of the Hong Kong Certificate Authority,The platform that applies for a license must insure the customer's assets.Liang Fengyi also told the media that the Hong Kong Securities Regulatory Commission is in discussions with the Insurance Regulatory AuthorityThe cost of purchasing insurance for customer assetsOther matters.OneDegree Group
The Hong Kong Securities Regulatory Commission will introduce a mandatory virtual asset trading platform (VASP) licensing system starting from June 1 this year, and plans to open up retail investors to invest in virtual assets. The Hong Kong Securities Regulatory Commission recently stated that it will release licensing guidelines for virtual asset trading platforms next month.
After the formal implementation of the new virtual asset platform licensing system, all virtual asset exchanges operating in Hong Kong or promoting services to Hong Kong investors, regardless of whether they provide securities based token trading services, must obtain licensing from the Hong Kong Securities Regulatory Commission and be subject to its supervision.Conducting any unlicensed activities is a criminal offense.
On April 26th, the Chief Executive of the Hong Kong Securities Regulatory Commission, Leung Fung yi, stated during an event that it is expected to introduce licensing guidelines for virtual asset trading platforms in May. During the previous consultation process, more than 150 feedback opinions were received.
The main suggestion of consultation is to open up licensed platforms to provide services to retail investors. Zhitong Finance has learned that according to previous policies, platform operators can only provide services to professional investors with a funding threshold of up to HKD 8 million, and ensure that their customers fully understand virtual assets. In addition, licensed platforms will be included in the regulatory sandbox of the China Securities Regulatory Commission and will be subject to close and rigorous supervision for a period of time.
On December 16, last year, the ETF based on Bitcoin and Ethereum futures launched by Southern Dongying Asset Management Co., Ltd. was officially listed on the Hong Kong Stock Exchange, marking Hong Kong becoming the world's first market to provide Ethereum futures ETF and the first market in Asia to provide Bitcoin futures ETF. Under the latest proposed trading platform system, retail investors can directly participate in Bitcoin and Ethereum trading on regulated platforms in the future.
In fact, the licensing procedures for virtual asset transactions in Hong Kong have always been very strict. Under the existing system, only two encryption platforms are licensed - OSL (OSL DigitalSecurities Limited) and HashKey (HashBlockchain Limited).
(Image source: Hong Kong Securities Regulatory Commission)
According to media reports,Huo Coin, OKEXBoth parties have expressed their intention to apply for an exchange license in Hong Kong and have established an office in Hong Kong.
Additionally, the Singapore basedDBS Silverthat 's okIt also stated its intention to apply for relevant licenses in Hong Kong to provide cryptocurrency services to local customers.
梁凤仪提醒，打算申领牌照的虚拟资产交易平台营运者应开展系统修改和监控措施，以适应新制度的推that 's ok，而无意申领牌照的营运者则应准备有序退出市场。
12 month transition period arrangement
The Hong Kong Securities and Futures Commission stated that considering that platform operators licensed under the Securities and Futures Ordinance may need to modify their systems and monitoring measures to comply with the new regulations, a transition period of 12 months has been proposed.
The China Securities Regulatory Commission stated that, Anyone who engages in the business of providing virtual asset services or shows that they operate the business must apply for a license from the Securities and Futures Commission. The existing virtual asset trading platform has been provided as a licensed arrangement, so that they can continue to operate in Hong Kong after the implementation of the virtual asset service provider system under the Anti Money Laundering Ordinance. It must be within the period from June 1, 2023 to February 29, 2024, in accordance with the Anti Money Laundering Ordinance The virtual asset service provider system under is to submit fully completed license applications online. If the SFC considers that the relevant license application meets the conditions for licensing, the virtual asset trading platform will automatically be deemed to have been licensed from June 1, 2024 This passage may sound quite convoluted, but to put it bluntly, the two companies that have already been licensed need to comply with the new regulatory requirements within the prescribed transition period.
As for the original virtual asset trading platform, if it has no intention of applying for a license, it should start preparing to end its business in Hong Kong in an orderly manner, with a deadline of May 31, 2024.
Fierce business of virtual insurance companies
According to the consultation document of the Hong Kong Certificate Authority,The platform that applies for a license must insure the customer's assets.
Liang Fengyi also told the media that the Hong Kong Securities Regulatory Commission is in discussions with the Insurance Regulatory AuthorityThe cost of purchasing insurance for customer assetsOther matters.
香港本地的虚拟保险公司OneDegree Group的共同创办人郭彦麟表示，该公司已签订了数十份虚拟资产保险合约，约占公司收到的谘询的四分之一。他表示，由于公司慎选客户，至今还没有收到索赔个案，也成功规避数个潜在的“爆煲”事件。他相信，虚拟资产that 's ok业同其他that 's ok业一样，也存在良币及劣币，并重申其虚拟保险公司的使命是协助良币发展，同时筛出未达水平的潜在风险因素。
Zhitong Finance learned that OneDegree Group is a new generation company that was granted a virtual insurance license in Hong Kong in April 2020 and has only just completed its third anniversary of opening on Tuesday. At the beginning of the company, it mainly engaged in pet insurance business, and gradually expanded to include critical illness insurance, fire insurance, home insurance, e-commerce, and digital asset insurance. OneInfinity, a virtual asset insurance company under the company, was launched early last year.
银that 's ok开户不搞“一刀切”
智通财经了解到，与新兴保险公司不一样，香港目前主流的保险公司拒绝受理虚拟货币相关客户需求；传统银that 's ok业也对虚拟资产相关机构持谨慎态度，导致存在“开户难”的情况。
香港金融管理局副总裁阮国恒昨日（27日）在金管局专栏《汇思》发文澄清，指没有任何法律或监管要求禁止在香港经营的银that 's ok向虚拟资产相关机构提供银that 's ok服务。金管局也提醒银that 's ok，须秉持“风险为本”的原则进that 's ok客户尽职审查，避免不必要的程序，也不应“一刀切”拒绝开户申请。
The text states:
去年十月，政府发表了虚拟资产在港发展的政策宣言，清楚说明促进that 's ok业可持续和负责任发展的目标。立法会亦于去年十二月通过相关法例的修订，就虚拟资产活动制订整全和平衡的监管框架保障投资者。无可否认，部分虚拟资产业务的洗钱风险或会较高，银that 's ok在处理相关企业的开户申请时倍加审慎实属无可厚非。然而，随着本港监管虚拟资产活动框架陆续落实，世界各地相继根据国际标准加强相关规管，银that 's ok对虚拟资产that 's ok业的了解也逐步加深，我们预期受监管的虚拟资产服务提供者将陆续通过合理的程序成功开立银that 's ok户口。
为应对开户需求及理顺流程，金管局今日稍后会向银that 's ok发出通函，进一步厘清业界对客户尽职审查方面的一些疑问，并分享一些处理过的个案和良好做法供业界参考。另外，金管局明天会联同证券及期货事务监察委员会举that 's ok圆桌会议，与银that 's ok业界和部分虚拟资产相关机构共同为“开户难”作直接交流，并分享有用资讯。
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