Crypto Exchange License Applications in Hong Kong Not Expensive
The cost of applying for a crypto exchange license in Hong Kong has significantly increased in the past year, going up to several million dollars compared to the $25 million cost seen a year ago.
According to Livio Wang, the chief operating officer of HashKey Group, the costs for these licenses are not necessarily in the tens of millions of US dollars, but they are still several million Hong Kong dollars.
Wang explained that the costs vary depending on the stage of the application process, as there are different expenses for preparing the required materials and for actually operating the exchange.
For HashKey Group, which is already operating, the investment in the exchange sector is tens of millions of dollars, but it is not expected to be as high for a platform that is still in the licensing stage.
Since June 1, Hong Kong regulators have enforced strict measures and penalties for unlicensed crypto exchanges, with the potential for criminal charges for noncompliance.
