Learn about the new VASP licensing requirements for cryptocurrency exchanges

Today I will take a break, I say this because I will not socialize information about the behavior of the cryptocurrency price action, I wanted to share with you all a disclosure that I found of great relevance, specifically about the new VASP licensing requirements for cryptocurrency exchanges.

In this regard, according to an article socialized by columnist Zhiyuan Sun on the Cointelegraph portal, he disclosed that Web3 companies located in Hong Kong spend up to USD 25 million on cryptocurrency licenses.

In the content disclosed by Sun, it is detailed that "According to a report published on June 27 by local media outlet Foresight News, Hong Kong-based Web3 companies are spending between 20 million and 200 million Hong Kong dollars (between USD 2.55 million and USD 25.5 million) on acquiring Virtual Asset Licensing Scheme (VASP) licenses".

Namely, as of "June 1, Hong Kong unveiled new VASP licensing requirements for cryptocurrency exchanges. Among many other things, companies must submit to the Hong Kong Securities and Futures Commission."

Similarly, Sun stressed that "for regulatory approval, adequate information on user statistics and company financial statements. Exchanges that do not comply with the requirements will have to cease operations in the SAR by the middle of next year."

From my perspective, these new requirements related to user statistics largely break certain guidelines that until today have prevailed in the cryptocurrency market, a situation that would make investors feel monitored.

Cointelegraph. Web3 firms are spending up to $25M on HK crypto licenses: Report. Link