In accordance with the law regulating the money market, any person or legal entity operating money services is obliged to become approved by the HK Custοms and Εxcise Department. Such regulation is backed by the AML/CTF Ordinance. According to this law, mοney service also encompasses exchanging and remitting services. Running business operations without having an approval is treated as an offense. Accordingly, MSO shall only carry out operations once the HK Customs and Εxcise office has issued a money service operators license in Hong Kong. Generally, this authorization is valid for two years; further, it is subject to renewal if the owner considers continuing its operation.
MSO in Hong Kong refers to actions for exchanging currency units that are run as a firm, however, do not encompass those services that is incidental to the core operation.
In this relation, remitting funds means the delivery of one or more of the below-mentioned services that is run in HK jurisdiction as a business:
To acquire a permission to operate, an applicant is obliged to meet the following obligations:
Alongside this main documentation, the applicant may be obliged to send other papers to regulators to clarify certain aspects of the firm, for instance, an overview of intended actions or profit projections.
After the procession is over and clarifications from the applicant are in place, the regulator will arrange a meeting to verify the provided data and payment records. At this stage of receiving approval, the business owner will be asked to sign the official request for the issuance of a license.
The issued authorization will contain such peculiarities of the business as:
Please contact us to get more information.
You can see our current offers in the categories “Cryptocoins and licensing of cryptocurrency operations”, “Ready-made companies”, “Banks for sale” and “Licenses for sale”.
The international company Eternity Law International provides professional services in the field of international consulting, auditing services, legal and tax services.