SINOHOPE Launches "Hong Kong VASP Licensee Guardian Program" to Help Licensee Organizations Seize Market Advantages
On October 27th, SINOHOPE announced the launch of the "Hong Kong VASP License Guardian Program", which aims to help organizations and enterprises interested in applying for the Hong Kong Virtual Asset Service Provider (VASP) license. SINOHOPE announces the launch of the "Hong Kong VASP Application Guardian Program", which aims to provide IT system level infrastructure facilitation for organizations and enterprises interested in applying for the Hong Kong Virtual Asset Service Provider (VASP) license.Based on its business and compliance experience, NewFire Tech's "Hong Kong VASP License Guardian Program" provides consulting services on the process and business framework related to the Hong Kong Trust or Company Service Provider (TCSP) License, helping more organizations to develop compliant virtual currency and Web3 business in Hong Kong, and to seize the first opportunity in this emerging market. The customized solution is said to require only a small fee.It is reported that the customized solution will take only 2 to 3 weeks to implement. For trading platforms, by accessing this solution, the business department can focus on the core business of trading in the early stage, without distracting efforts to study the edge business logic, and directly use the default configuration recommended by the wind control and wallet modules.
Chan Mo-po: Hopes to regulate virtual assets and digital Hong Kong dollar to promote Hong Kong to become an international virtual asset center
Hong Kong Financial Secretary Paul Chan Mo-po said that he hopes to promote Hong Kong as an international virtual asset center, including preparing for the regulation of virtual assets and the establishment of a digital currency. When asked how to ensure the safety of citizens' virtual assets, Chan revealed that he will introduce the latest situation with the financial regulatory agency and the Legislative Council Finance Committee next Monday (30th). He said that a new regulatory system for managing virtual asset exchanges has been introduced in June this year, which scrutinizes and regulates product suppliers. Afterwards, there will also be corresponding arrangements for demand, such as investor participation, education, etc., to promote the development of the virtual asset market.
Li Jiachao: Hong Kong will use blockchain technology to issue and verify a variety of electronic license plates and certificates
The Chief Executive of the Hong Kong Special Administrative Region, Carrie Lam, delivered the "2023 Policy Address" to the Hong Kong Legislative Council, stating that the Hong Kong government will issue management measures to promote data circulation and ensure data security within this year. The government will use data-driven development, including the use of blockchain technology to issue and verify various electronic licenses and certificates.
Scholars from the Chinese University of Hong Kong: The Hong Kong Monetary Authority has too many virtual bank licenses and may withdraw them “within one or two years”
Livibank, the Hong Kong virtual bank controlled by China CITIC Bank International, announced another layoff of about 10 to 15 people. The bank has issued an internal notice to relevant personnel. This is the second layoff of Livibank this year. In response, Li Zhao-bo, a research fellow at the Asia-Pacific Business Research Institute of the Chinese University of Hong Kong, believes that the Hong Kong Monetary Authority issued too many virtual banking licenses in that year, and said "in another one or two years, the market should undergo restructuring, and it is not surprising that some people will withdraw or even return their licenses."
Visiting professor of the Hong Kong Institute of Financial Management: Hong Kong may slow down the development of virtual asset trading
Yang Yuchuan, a guest professor at the Hong Kong Institute of Financial Management, said that the cryptocurrency boom has risen rapidly in the past few years. High-risk operations have exploded in an unregulated environment, and celebrity politicians have supported the formation of this currency circle storm. The virtual trading platform is first and foremost a trading virtual currency, which is inherently risky and has no guarantee of its value, which is characterized by high risk. It is not easy for the government to incorporate these (virtual asset transactions) into regulation. Hong Kong should slow down the development of virtual asset transactions, and the government should strengthen investment risk propaganda and educate investors to be cautious and vigilant. It is not recommended for ordinary retail investors to invest in such projects.
The Hong Kong Monetary Authority is recruiting a deputy director of financial technology to assist in the development of central bank digital currency innovation projects
According to recruitment information disclosed on the official website of the Hong Kong Monetary Authority, the Financial Technology Promotion Office under the regulatory agency has launched the position of Associate Fintech Director. According to the recruitment information, this position requires assisting in the development of innovative projects including central bank digital currency (CBDC) and other financial technology initiatives, monitoring and regularly updating international and domestic technological trends as well as the development of CBDC and other key financial technology initiatives, and collaborating with strategic partners in the financial industry to ensure the successful adoption of projects and initiatives. In addition, the Hong Kong Monetary Authority is also recruiting senior financial technology staff to assist in researching the latest technological trends and developments in CBDC and other key financial technology initiatives.
China Information Technology Development (Hong Kong) plans to jointly issue tokenized corporate bonds of up to 180 million yuan with Hong Kong-listed company Yico (International)
Hong Kong-listed company Yigao (International) announced a letter of engagement with China Information Technology Development (Hong Kong), a subsidiary of China Information Technology engaged in information technology related businesses, to establish strategic cooperation in exploring the tokenization of corporate bonds. Yigao's preliminary goal is to issue up to 180 million yuan of tokenized corporate bonds. Yigao (International) stated that this cooperative strategy enables both parties to explore the application of tokenization in traditional corporate bond investments. If the two companies implement the relevant project, they will become the first listed companies to develop tokenized corporate bonds.
Commissioner of Hong Kong Customs: Money laundering risks of cryptocurrency exchangers must be addressed and regulatory loopholes closed
Louise Ho, Commissioner of Hong Kong Customs and Excise, stated that Hong Kong must address the money laundering risks associated with cash-to-cryptocurrency stores following the exposure of regulatory loopholes in the JPEX virtual asset platform scandal. However, she did not disclose whether her agency would take on this task. In addition, Louise Ho stated that international cooperation is currently being strengthened to combat money laundering activities that exploit the anonymity of cryptocurrency transactions. Conventional currency exchange dealers in the city fall under the jurisdiction of Hong Kong Customs, but over-the-counter (OTC) trading is not subject to any licensing or regulatory regime.
Hong Kong Securities and Futures Commission Updates Cryptocurrency Market Regulation in Line With New Market Developments
Hong Kong Securities and Futures Commission announced plans to update its cryptocurrency sales and regulatory framework as the digital asset industry continues to develop. The revised notice issued by the regulatory agency on October 20 covers five main areas related to the cryptocurrency industry, including the distribution of virtual asset (VA)-related products, as well as the provision of cryptocurrency trading services, asset management platforms, advisory services, and implementation procedures.
Two Brokerage Platforms Related to Tencent and Xiaomi Are Queuing Up to Apply for Hong Kong Virtual Asset Trading Licenses
Hong Kong media FX168 Finance and Economics reported that the cryptocurrency platforms Yax and PantherTrade are queuing up to apply for a Hong Kong retail trading license. They have previously helped domestic clients invest in offshore assets such as US stocks, and multiple sources say these two companies have connections with Tencent and Xiaomi. According to Nikkei Asia, Yax is a platform incubated by Tiger Brokers employees, and PantherTrade has a connection with Futu, supported by Chinese technology giant Tencent. Tiger Brokers has received support from smartphone manufacturer Xiaomi.
