South Korea is the third most economically important and developed market in the world, and every day more and more investors are betting on this jurisdiction. The government, in an effort to prevent the illegal circulation of income and any cash flows, as well as speculation, requires that transactions related to the transfer and exchange…
The main element of the system connects to the monetary of Abu Dhabi, administering via corresponding procedures used for creating a favourable monetary community. The ADGM Regulatory Authority gives vital support for organisations to deal with enrollment and process of licensing (very famous and desirable among them is ADGM Brokerage license), giving assistance such as…
Key purpose of accounts-opening in a given jurisdiction is to get and process payments between users of local banking establishments. Government benefits and wages are transferred by employers and the government exclusively to such accounts. Trips to supermarkets are paid for with cards, and rental needs, utilities, Internet and insurance are carried out by transferring…
Using personally-directed or commercially-used accounts in foreign banking establishments gives possibilities to preserve and increase savings and to freely carry out settlements with foreign clients and suppliers. It gives access to globally-functioning financial establishments not available in some other market-spaces and helps to bypass currency restrictions based on residence. One of trustworthy and appealing jurisdictions…
An opportunity to acquire a brokerage firm with MT5 Main Label, operating under Vanuatu and SVG entities. This company is fully equipped with essential banking and payment solutions, along with a clean and efficient operational structure. Key Features of Vanuatu Broker with MT5 Main Label Corporate Structure Entities: Includes both Vanuatu entity and SVG entity…
An opportunity to acquire an AIF and VASP-licensed company in the Czech Republic. This company, licensed by the Czech Central Bank, offers a strong foundation for operations in the European financial market. Key Features of Alternative Investment Fund and VASP in the Czech Republic Licensing and Compliance Licenses: Alternative Investment Fund (AIF): Issued by the…
An opportunity to acquire a licensed credit broker in Denmark. This ready-made company is regulated by the Financial Supervisory Authority (FSA) and includes key individuals who are ready to stay on, ensuring a smooth transition and continued operational success. Key Features of this Ready-Made Denmark Licensed Credit Broker for Sale Licensing and Compliance License Type:…
An exceptional opportunity to acquire a licensed and regulated crypto exchange company in Australia. This company is fully compliant with Australian financial regulations, offering a strong foundation for operations in the growing cryptocurrency market. Key Features of this Crypto Exchange Company in Australia Licensing and Compliance Regulatory Bodies: Licensed and regulated by the Australian Financial…
Zurich
+41 435 50 73 23Kyiv
+38 094 712 03 54London
+44 203 868 34 37Tallinn
+372 880 41 85Vilnius
+370 52 11 14 32New York
+1 (888) 647 05 40On June 24, 2022, jurisdiction governmental authorities released Anti-Money-Laundering and Terrorist-Financing (AML/FT) Order; it established licensing and regulatory norms demanding to possess VASP license in Hong Kong. Let us consider it in more detail and find out how it affects firms operating in this industry. The draft law amended the AML and CFT Order, main of which was implementation of licensing-getting and obligations for VASPs. These changes’ll come in force on March 1, 2023, and virtual-asset-providers will be provided with nine months to organize their operations in accordance with rules set out.
VASP-investors in jurisdiction will be provided with greater protection than investors in other countries. Applicant firms and governance-structure and commercial-model points of the candidate will be assessed to be more credible.
The main difference between the new VASP-regime and active ground for virtual-asset-trading platform-operators is current norms only applied to VASPs that traded one security-token. Such norms were previously voluntary, and the operator had to agree to fall under the supervision of the SFC. For now, the SFCs have the power to take over all VASPs.
A company intending to manage crypto-currency exchange operations must apply for a Virtual Asset Services Providers (VASP) licensing in Hong Kong. Conditions 3B of Amendment-Law states virtual asset-exchange transaction is stated as services provision by e-means, while:
Virtual assets scope includes:
Outside the region are:
Additional conditions for obtaining license for crypto-currency exchange in Hong Kong, which are imposed by SFC.
If VASP already operates an exchange in Hong Kong, then they’re required to obtain a license in shortest time-period. If they do not have the appropriate permission before March 1, 2024, they need to stop their deals. If VASPs in Hong Kong without an SFC license operate an exchange-structure not in jurisdiction and sell its offers to clients locally, this’ll also be considered an AMLO violation. Licensed-VASPs need to stop providing their offers to all clients as they’ll now be able to work with vocational capital-holders. VASP with license Hong Kong will also need to turn away customers in jurisdictions banning cryptocurrencies in order to avoid potential regulatory issues.
If you want to get a VASP license in Hong Kong, please contact our specialists. Our company is ready to provide you with comprehensive multidisciplinary assistance. We have vast experience and professional skills in working with crypto-currency businesses. Additionally, we offer a variety of ready-made companies and licenses for sale, among which you are sure to find the best option for your commercial development.
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.