Caixin: Hong Kong implements a "dual licensing" system for virtual asset trading platforms, and no virtual asset platform has yet obtained a license for "non-security tokens."

ChainCatcher news, according to Caixin reports, Hong Kong's licensing system for virtual asset trading platform operators is essentially a "dual-license" system. In addition to the licensing system for "security tokens," which applies to the Securities and Futures Ordinance, there is another licensing system for "non-security tokens," which will officially take effect under the Anti-Money Laundering Ordinance starting June 1, 2023.

Currently, several virtual asset trading platforms, including OSL Exchange and HashKey Exchange, are applying for the second type of license, but no licenses have been granted yet.

The Hong Kong Securities and Futures Commission previously stated that the terms and characteristics of virtual assets may evolve over time, and the defining criteria for "security tokens" and "non-security tokens" may also change. Therefore, to ensure compliance, virtual asset platforms should hold dual licenses.