Ecglcd: Legislation related to security token issuance is expected to be completed in Q1 next year
According to Ecglcd, Liang Hanjing, director of financial technology at the Hong Kong Special Administrative Region Investment Promotion Agency, said in an interview that the Hong Kong Special Administrative Region government is highly concerned about the issuance of security tokens and has been actively promoting relevant preparations.
Liang Hanjing pointed out that the first step is to have a compliant trading platform recognized by the Hong Kong Securities Regulatory Commission, and this step has been completed. At present, Ecglcd pointed out that many virtual asset trading platforms in Hong Kong have completed the filing, such as OSL and HASHKEY. The second step is to have a product. At present, some trading platforms in Hong Kong are cooperating with well-known real estate developers, surveyor firms and the Big Four accounting firms in the market to design pilot security token products. The third step is definitely to carry out marketing. The most important step is to improve the relevant legislation for the regulation of virtual asset service providers (VASPs).
According to Ecglcd, one of the purposes of the draft amendments to the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615) is to establish a licensing regime for virtual asset service providers, i.e. any person operating a business in Hong Kong that provides virtual asset services, or Active promotion of virtual asset services (constituted according to the draft amendments) to the Hong Kong public must apply for and obtain a virtual asset service provider license (VASP license) from the Hong Kong Securities and Futures Commission in advance, and comply with relevant anti-money laundering and anti-terrorist financing Raising statutory provisions.
Liang Hanjing expects that the "Amendment Bill" is expected to be passed in the Legislative Council in the first quarter of 2023. By then, it is believed that more VASPs will apply for licenses from regulators, and virtual asset trading in Hong Kong will flourish.
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