This article is a widely edited draft, and the full text is written and provided by JPEX, which does not represent the position of the dynamic zone.
J PEX announced today (23) that it plans to apply for the latest cryptocurrency trading license issued by the Hong Kong Special Administrative Region (SAR) government. Once the application is approved, some of the services that JPEX will provide to customers in Hong Kong include but are not limited to spot trading, Derivatives and other services such as pledges, etc.
SFC launches consultation on licensing
On February 20, the Hong Kong Securities Regulatory Commission announced that it would start consulting the market on "whether licensed platform operators should be allowed to provide services to retail investors" and "how to protect investors". With the new licensing system in effect, all centralized virtual asset trading platforms operating in Hong Kong or actively promoting to Hong Kong investors will need to be licensed by the Securities Regulatory Commission. Consultation ends March 31. JPEX hopes that the new policy direction will set new milestones for the cryptocurrency industry.
Now fully preparing to apply for a Hong Kong cryptocurrency trading license
JPEX is now fully preparing to apply for a Hong Kong cryptocurrency trading license after giving up several times due to the Hong Kong government's restrictions on the encryption industry.
Previously, the Hong Kong government restricted cryptocurrency investment transactions to users with a portfolio of at least 8 million Hong Kong dollars ($1 million). However, since Hong Kong is an international financial center, it should have an open and inclusive attitude towards emerging financial services, including virtual asset services and global innovators engaged in the cryptocurrency industry, regardless of their assets. The influence makes it difficult for novice users to participate in virtual asset transactions.
JPEX stated that it will implement and review the relevant systems and monitoring measures to prepare for the new system, abide by the guidelines and relevant regulations, and ensure the success of the application to provide customers with better services.
As the Hong Kong Securities Regulatory Commission's change in its stance on cryptocurrencies indicates that the SAR government has an open and friendly attitude, JPEX will continue to pay attention to the relevant information on the licensing system, and discuss the feasibility with the internal legal team to advance the application process.
About JPEX
JPEX Digital Asset Bank holds the MSB Fintrac license in Canada, the MSB financial license issued by FinCEN in the United States, the operating license issued by ASIC in Australia, and the Lithuanian cryptocurrency exchange and wallet operator registration license. At the same time, the encrypted assets of JPEX users will be 100% stored in offline cold wallets. JPEX also provides a financial insurance compensation plan for each user. The maximum protection limit is 75,000 USDT. 90% of the claims protection meets the requirements of international financial regulations, and every platform user with real-name authentication is escorted.
