Hong Kong – 16th June 2023 – ChainUp a global blockchain technology service provider & Alibaba Cloud hosted an exclusive event on latest Virtual Asset Service Provider (VASP) Licensing Regime & industry best practices in Hong Kong. Amidst the growing significance of regulatory compliance within the blockchain and cryptocurrency industry, the event offered attendees valuable and comprehensive insights into effectively tackling the challenges and capitalizing on the opportunities encountered by VASPs operating not only in Hong Kong but also in global markets.
The event took place on 16th June 2023 at Time Square - Causeway Bay, Hong Kong. Industry experts, leaders and regulatory authorities discussed key topics and shared their insights to navigate the evolving landscape of virtual asset services.
Mr. Michael Gao, ChainUp – HK CEO & Head of Sales (Global) spoke about “The Technological Bridge to Regulated Virtual Assets Exchange in Hong Kong”. He highlighted on the recent Hong Kong Securities and Futures Commission’s new licensing regime which came into effect from 1st June 2023 and requirements for centralized virtual asset trading platforms (VA trading platforms) to trade non-security tokens. He said “In traditional finance, banks use KYC (Know Your Customer) to verify the identity of customers. But in blockchain network we need to understand whether a particular token has any risk. Hence KYT (Know Your Transaction) is used to monitor and analyse digital asset transactions to identify potential risks and comply with regulations. We see there's a strong demand on this and we help our customers by integrating the required compliant solutions into the exchanges built”
The event covered various aspects of the VASP Licensing Regime, including:
· Regulatory framework overview in Hong Kong
· Key requirements for obtaining a VASP license
· Best practices for compliance, security and risk management
ChainUp, a global provider of comprehensive blockchain technology solutions help customers build efficient and compliant digital asset solutions that align with the latest industry standards. With ChainUp’s extensive suite of services, empowers businesses to navigate the complexities of digital asset landscape and build robust solutions. Aligned with latest licensing regime of Hong Kong, the implementation of KYT/AML solutions becomes imperative for digital asset transactions. ChainUp's product "ChainEyes KYT" focusing on blockchain risk control and compliance services offers a comprehensive solution to address these regulatory requirements effectively.
