Web3 firms are spending up to $25M on HK crypto licenses: Report

As reported by Foresight News on June 27th, web3 companies in Hong Kong are investing between 20 million and 200 million Hong Kong dollars ($2.55 million to $25.5 million) to obtain Virtual Asset Service Provider (VASP) licenses. According to sources, this is the case.

Web3 Companies Investing in Hong Kong VASP Licenses

Analysts from Foresight reported that subsidiaries of exchanges such as OKX, BitgetX, HashKey Pro, OSL, and Gate.io have already started operations in Hong Kong. By June 27, OKX had already achieved 8,800 registered users in the SAR of China, with a total trading volume of $150 million.

Hong Kong Releases New Licensing Conditions for VASPs

On June 1st, Hong Kong released new licensing conditions for virtual asset service providers (VASPs) in the cryptocurrency exchange sector. These conditions include the need to make appropriate disclosures to the Securities and Futures Commission of Hong Kong regarding user numbers and corporate finances for regulatory approval. Any exchanges that do not comply with the requirements will be obligated to end their activities in the Special Administrative Region by the middle of 2021.

On the same day, the Hong Kong Virtual Asset Consortium (HKVAC) released its virtual asset index which includes major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), as well as altcoins and privacy tokens. The new organization is aiming to provide rating services and indices to make retail crypto trading in the SAR easier. It is backed by Huobi, Kucoin, Bitget, and other firms.

Magazine: Hong Kong’s Crypto Craze Sees DeFi Token Skyrocket 550%, NBA China NFTs Released.

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