Hong Kong is positioning itself as a leader in the Asian cryptocurrency scene by harmonizing its regulation with Singapore’s strict standards. Consequently, the city-state has given a strict deadline for VASPs to comply with their new licensing requirements, aiming at helping the government meet its ultimate goal of a regulated and secure digital asset market.
Hong Kong’s Regulations for VASPs
Through its financial services department, the Hong Kong government has issued a clear-cut ultimatum to unlicensed VASP operators. They should apply for a license by 29th February, and if that does not happen, they better be prepared to close shop come May. This move clearly shows that Hong Kong is committed to ensuring a safe and fair trading environment for cryptocurrency trading and related services.
The Secretary for Financial Services and the Treasury, Christopher Hui, drew attention to the transitional period that was given to VASPs during their operation before they found themselves un
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