Abstract : It is reported that there are not many companies applying for the license at present, and the SFC has not yet made the shortlist public.
According to 21st Century Economic Report, on November 1, 2018, the Hong Kong Securities Regulatory Commission issued new regulations on virtual asset investment such as digital currency, proposing to include the virtual asset trading platform into the regulatory sandbox management and then issue licenses. People familiar with the situation said that up to now, no more than five digital asset exchanges have been included.
According to the person, these companies have gone through strict screening, including a thick stack of information from founders; 99% of the so-called world-class platforms cannot be included in the list.
Gao Han, founder of HKbitEX, an exchange that is applying for a license, said that the SFC has the following conditions, including but not limited to:
1. The main legal entity of the digital assets exchange must be registered in Hong Kong;
2. The headquarters and decision-making power of the company must be in Hong Kong. If the executives register a shell company in Hong Kong and actually operate in Beijing, it is also not compliant, which can also eliminate a number of license competitors.
At the same time, the CSRC will also examine whether the shareholders of the exchange have the experience of breaking the rules in traditional financial institutions or in the digital asset industry. In addition, there are technical requirements, investor asset insurance requirements, and third-party audit standard reports.
It is reported that there are not many companies applying for the license at present, and the SFC has not yet made the shortlist to the public.