Hong Kong VASP/VATP virtual asset trading platform license

Applicants must meet applicable subject conditions such as Hong Kong companies or registered non-Hong Kong companies., and implement supervisory personnel and actual operating arrangements. The office form and responsible personnel arrangements should be checked according to the current requirements of SFC, All shared spaces cannot be excluded in a general way.

The legal bottom line is: Paid-up capital 500 10,000 Hong Kong dollars, Liquid capital 300 10,000 Hong Kong dollars. Additional deposits must be made in full to cover 12 Legal non-crypto liquid assets for monthly operating expenses. Transmitted online 400 The bank deposit of 10,000 yuan is only for internal account opening risk control of individual banks., non-statutory standards.

The systems for security token platforms under SFO and non-security token platforms under AMLO are different.. SFC believes that applying for relevant authorization at the same time will help cope with changes in token classification, But dual authorization does not eliminate all compliance or product classification risks.

Can refer toSupervision and application information of the Hong Kong VASP cryptocurrency license authority, Check corresponding systems and processing information.

The platform must at least appoint 2 Name RO (at least 1 executive director, 1 resident in Hong Kong). At the same time, a MIC must be appointed to be responsible for 8 Big core functions. All personnel must pass the HKSI statutory examination, Tool 3 year industry and 2 Years of management experience, and pass the fit and proper review.

Permitted by law, But with strict preconditions. Retail investors must complete knowledge and risk assessment before opening an account, And the platform can only provide "eligible large-scale virtual assets" covered by at least two independent indices to retail investors..

Custody arrangements must comply with the Securities Regulatory Commission’s regulations on related entities, Trust holds client assets, Applicable requirements for wallet and private key management. Do related entities need an additional TCSP license?, Should be checked against actual activities and statutory exemptions, It cannot be generally assumed that all related entities must hold a TCSP license.

The platform must arrange customer asset compensation protection in accordance with the current SFC rules and approval conditions.. Asset storage should be distinguished, Risks and approval options, The historical hot wallet cannot be 100%, The description of 50% of cold wallets is deemed to be a uniform insurance requirement that applies permanently..

Business plan required, AML policy, Token inclusion mechanism, etc.. The core link is to hire independent experts to issue an external evaluation report (EAR). 2024At the end of the year, SFC has optimized it to "mainly one-time evaluation", Reduces the time cost of repeated audits and rectifications.

Acquisitions and new applications must be based on changes in actual control, Fitness and fitness and licensing assessment. Closing should be subject to obtaining appropriate approvals where approvals are required, We cannot promise that the acquisition will take a fixed 4 to 6 months or that it will definitely be faster than a new application..

Difficult in practice. Many banks refuse to open an account before obtaining the license. However, if an application has been submitted to SFC and received an Acknowledgment Letter or Approval in Principle (AIP), Some banks can open restricted accounts in accordance with the law for operational preparation.

Different activities should be judged separately. The SFC has allowed licensed platforms to provide staking services subject to prior written approval and specific license conditions; This does not mean that derivatives can be freely offered, lever, Loan or misappropriate customer assets, It can no longer be written that all staking is prohibited.

Before the regulatory details are clarified, Stablecoin trading is temporarily prohibited for retail customers. As for OTC OTC trading, If it is carried out by the platform for customers, must be equivalent to the business within the platform, Fully covered by the same AML/KYC and risk control compliance regulations.

Traditional licensed brokers can apply for "Virtual Asset Uplift" (VA Uplift) to the SFC, in the original no. 1 Class license (securities trading) based on, Access to licensed VATP platforms through integrated account arrangements, Legally provide customers with crypto asset trading brokerage services.

The license is an open license, No fixed expiry date. But holders have extremely high ongoing reporting obligations: Submit financial resource reports monthly/annually, An independent agency must be appointed to conduct statutory and cyber security audits every year, and pay in full the annual license fees for each regulated activity.

In April 2025, SFC explicitly allowed the platform to provide staking services with prior written approval and specific conditions.. Platforms must protect pledged assets, Control operational risks and disclose risks, You cannot go online on your own just because you have a license.

For specific rules, please refer toAnnouncement of the Hong Kong Securities and Futures Commission on Pledge Services for Licensed Platforms.

Submitting an application or obtaining a principled opinion does not mean that you are officially allowed to operate.. Final authorization should be confirmed first, Licensing conditions and prerequisites for starting business; Technical testing should be distinguished from real client funds and regulated transactions.

New products first, Customer Category, A case-by-case comparison of capital flows and operating areas with existing registrations or authorizations. If it exceeds the scope or affects the applicable conditions, Corresponding changes should be completed, It will be launched after notification or separate application..

Outsourcing does not mean transferring the responsibilities of the licensed entity. It is recommended to clarify the scope of services, data access, audit, accident report, Re-sourcing and exit arrangements, and retain sufficient internal personnel to supervise suppliers.

Compare legal names, Registration or license number, Authorized business, Licensing conditions and actual website. Group brand, The identity of affiliated companies and agents cannot replace the authorization of the contracting entity., Should be cross-checked with official records and licensing documents.

First check whether the license conditions are still met, Arrange temporary supervision, Business restrictions and handovers, and complete applicable personnel notifications or new hire approvals. Nominal substitutes cannot solve gaps in actual performance of duties.