On 2023 1st June, Hong Kong legislation was enacted to make it mandatory for exchanges to obtain a license. What are the grey areas in the definition of "fund-raising" as explained by Henry?
On June 1, 2023, there will be legislation for a new VASP (Virtual Access Service Provider). The first step is for centralized exchanges, which will need to be licensed in the future.
As a project party, what can we do to protect ourselves or what can we not do, because now the Hong Kong government has changed its stance 180 degrees, no longer saying that it is a scam. Now it has transformed into an international virtual asset center and has launched two cryptocurrency futures ETFs, and now two exchanges have been officially licensed and eight asset management companies have been licensed. I believe that in a few days, all investment companies will probably be licensed to offer cryptocurrency products.
There will be a new VASP (Virtual Access Service Provider) legislation on June 1st of this year, 2023, and the first step is for centralized exchanges, and then they will need to get a license, and this VASP may retain power in the future. The government may expand its definition to include all other virtual currencies, and some areas of companies may be included in the future and require to obtain a license