Cobo: In-depth insights into custody requirements and tailored solutions for Hong Kong virtual asset exchanges and fund managers
Eugene Wong, Cobo Global Original article here Hong Kong has made remarkable strides in establishing a legal and regulatory framework of virtual asset operations over the past year. In October 2022, the Hong Kong Government issued a policy statement setting out its support for virtual assets and commitment to fostering sustainable development of the industry in all aspects. On June 1st this year, the licensing regime for Virtual Asset Trading Platform (VATP) issued by the Hong Kong Securities and Futures Commission (SFC) came into effect, mandating VATPs to obtain a license to continue its operations in Hong Kong. Existing VATPs seeking a license must submit their applications to the SFC within 9 months, by February 29th, 2024. Failure to do so will require them to cease operation in Hong Kong by May 31st, 2024. As of today, several virtual asset exchanges have publicly expressed their intention to apply for the VATP license in Hong Kong. According to market sources, there are curre...