Crypto Exchanges Face Tough, Costly Hong Kong License Approval Process

Licensing consultants can charge up to $1 million to advise companies on the application, a person familiar with the matter said. Exchanges are required to maintain a paid-up share capital of 5 million Hong Kong dollars ($640,000), and liquid capital of at least $380,000. They must hold liquid assets equivalent to at least a year of operating expenses, not counting virtual assets.

Source: https://www.coindesk.com/policy/2023/08/04/hong-kongs-new-crypto-license-could-cost-exchanges-a-pretty-penny/?utm_medium=referral&utm_source=rss&utm_campaign=headlines