License for virtual assets in Hong Kong

Do you dream of obtaining a license for virtual assets in Hong Kong? We know that this process can be complex and require compliance with a number of legal requirements. Therefore, the company "Prykhodko and Partners" is ready to be your reliable partner and ensure the successful obtaining of a license for your virtual business.

In today's world, virtual business is no longer surprising. Many countries are actively creating favorable conditions for investing in virtual assets. For example, until now in Hong Kong, exchanges of virtual assets did not need to obtain a license. But recently, this situation has changed, and now their licensing has become more difficult.

Our legal team has a deep understanding of the virtual asset licensing process in Hong Kong. We know all the nuances, requirements, and challenges you may face and are ready to provide you with expert legal support every step of the way.

In Hong Kong, virtual assets are classified into two types:

• security tokens, which are practically analogs of securities and traded on exchanges, and virtual goods;
• cryptocurrencies, for example, Bitcoin. Hong Kong law does not recognize cryptocurrencies as a means of payment.

The main purpose of licensing virtual asset exchanges in Hong Kong is to prevent money laundering risks. Licensees must meet a number of requirements, including safe custody of assets, customer verification, elimination of conflicts of interest, cyber security, quality accounting and auditing, prevention of financial fraud, risk management, and prevention of market abuse.

The need for additional protection against financial risks limits retail investors' access to virtual assets. This involves carrying out suitability tests and setting exposure limits.

The procedure for obtaining a license to operate virtual asset exchanges in Hong Kong includes the fulfillment of mandatory conditions:

• registration of an application with the Securities and Futures Commission (SFO);
• confirmation of compliance with all regulatory requirements by the company and its ultimate beneficiaries and owners.

If all requirements are met, the company receives a license to operate a virtual asset exchange.

Our experienced lawyers will undertake all the necessary formalities and procedures aimed at obtaining a license for virtual assets. We will provide you with the right legal advice, the preparation of the necessary documents, the preparation of the application, and the interaction with the Securities and Futures Commission (SFO). You can be sure that your case will be in safe hands, and we will defend your interests with the utmost care and professionalism.

Violation of virtual asset exchanges in Hong Kong without a license is a criminal offense punishable by imprisonment and a fine for each day of illegal activity. Service providers may also be held legally liable.

Obtaining a license for virtual assets in Hong Kong requires compliance with legal requirements. To successfully obtain a license, you should contact experienced lawyers who understand the procedure for licensing virtual assets, for example, the lawyers of Prikhodko and Partners. Their timely and high-quality legal support is the key to successfully obtaining a license.

Our goal is your success. We understand that obtaining a license for virtual assets is an important step for your business, which is why we offer timely and quality legal support. Our expertise and experience will allow you.