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With insights from Foresight News, a local news outlet, on June 27, 2023, the Web3.0 firms in Hong Kong spent about 20 million to 200 million Hong Kong dollars ($2.55 million and $25.5 million) to get hold of a Virtual Asset Service Provider (VASP) licenses, stated Cointelegraph.
“Since traditional financial institutions have no relevant prior infrastructure, and have gone from zero to one in various aspects such as products and teams, the cost [associated with VASPs] has been very high. However, even for an experienced cryptocurrency institution, the cost of obtaining a license is not cheap,” analysts explained.
Critics from Foresight explained that Hong Kong-based exchange subsidiaries such as OKX, BitgetX, HashKey Pro, OSL and Gate.io, among others, have already started taking initiatives. Sources revealed that till June 27, 2023, OKX has acquired about 8,800 registered users in Hong Kong with a trading volume of about $150 million in the special administrative region (SAR) of China, Cointelegraph highlighted.
Furthermore, on June 1, 2023, Hong Kong mentioned a new VASP licensing requirement for cryptocurrency exchanges, Cointelegraph concluded.
(With insights from Cointelegraph)
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