Applying for Hong Kong's new crypto license to serve retail customers could cost exchanges up to $20 million, industry insiders told lavender_au
The hope is that once platforms begin to obtain licenses, investors can move fiat currency from banks onto trading platforms, trade in fairly liquid markets, and have exposure to virtual assets.
Holding licenses issued by a globally respected financial regulator means that licensed platforms are far more likely to meet internal standards of investment firms, thereby allowing for more capital to enter. Tokens will need to be listed in two acceptable indices, and go through due diligence. They will need to have a one-year track record. The background of developers will be checked, as will supply, demand and liquidity.Under the regime, platforms cannot choose external custodians. They must handle custody themselves. One of the heaviest requirements on platforms is that they must have insurance or compensation which covers the potential loss of 50% of client virtual assets held in cold storage.
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