What are the requirements for a cryptocurrency company to obtain a license from the SFC in Hong Kong?

3 answers

• Bernard KragJul 28, 2023 · 3 years ago
  To obtain a license from the SFC in Hong Kong, a cryptocurrency company must meet certain criteria. Firstly, the company must have a physical presence in Hong Kong and be incorporated under the Companies Ordinance. Secondly, the company must demonstrate a solid financial position and have sufficient capital to meet the licensing requirements. Additionally, the company must have a robust and compliant internal control system in place to ensure the security of customer assets and prevent money laundering activities. It is also important for the company to have a comprehensive risk management framework and a qualified management team with relevant experience in the cryptocurrency industry. Finally, the company must adhere to the SFC's regulatory guidelines and provide all necessary documentation and information for the license application process.
  856

  428
• mona gargJul 20, 2020 · 6 years ago
  Obtaining a license from the SFC in Hong Kong for a cryptocurrency company is not an easy task. The SFC has strict requirements in place to ensure the protection of investors and the integrity of the financial market. Some of the key requirements include having a strong compliance culture within the company, implementing effective risk management measures, and maintaining proper internal controls. The SFC also expects cryptocurrency companies to have robust cybersecurity measures in place to protect customer data and assets. It is important for companies to thoroughly understand and comply with the SFC's regulatory framework to increase their chances of obtaining a license.
  682

  228
• Mccarthy LeachFeb 17, 2023 · 3 years ago
  As an expert in the cryptocurrency industry, I can say that obtaining a license from the SFC in Hong Kong is a crucial step for any cryptocurrency company. It not only provides credibility and trust to potential investors but also ensures compliance with regulatory standards. At BYDFi, we understand the importance of regulatory compliance and have taken all necessary steps to obtain our license. We have a strong internal control system, a qualified management team, and a robust risk management framework in place. Our commitment to security and compliance sets us apart from other cryptocurrency exchanges.
  611

  153