Cryptocurrency VASP License in Hong Kong
Hong Kong, a special administrative region of China, has long established itself as one of the world's leading financial centers and an attractive place to do business.
The Virtual Asset Services Provider (VASP) license in Hong Kong grants the right to provide storage and exchange services for virtual assets, including cryptocurrencies. However, it's important to note that it does not cover operations with fiat currencies, limited-purpose digital tokens, securities, and futures.
Key requirements for obtaining the license:
- Company registration: The license is issued to companies registered in Hong Kong or having a place of business there.
- Qualified personnel: It is necessary to have a minimum of two specialists responsible for compliance with AML/CFT requirements and license management.
- Fit and Proper test: License applicants, responsible persons, and ultimate owners must pass a suitability check.
- Capital: A minimum paid-up share capital of 5,000,000 Hong Kong dollars (approximately 600,000 EUR) is required.
- Physical presence: Having a local office in Hong Kong is mandatory.
Additional services and requirements
Companies may also need to rent an office in Hong Kong, develop internal policies (e.g., AML/KYC), open a bank account, and maintain accounting records. To review the application, it is necessary to provide the company's organizational structure, documents related to the company and its management, resumes of candidates, and a business plan.
The process of obtaining a VASP license will take 9 to 12 months. This timeframe may vary depending on the complexity of the application, company structure, and business model.
For more detailed information about the cryptocurrency license in Hong Kong, please contact IT-OFFSHORE specialists.
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