News Daily

The Times

News from Asia

  • Written by Media Outreach
NEW SOUTH WALES, AUSTRALIA - Media OutReach - 6 March 2023 - The licensing system for virtual asset service providers in Hong Kong will be officially launched on June 1st this year. JPEX announced that it plans to apply for the latest crypto trading license given by the Special Administrative Region (SAR) Government in Hong Kong.

JPEX announced that it has plans to apply for the latest crypto trading license given by the Special Administrative Region (SAR) Government in Hong Kong. Some of the services JPEX will provide to customers in Hong Kong once the license has been granted include, but are not limited to spot trading, derivatives, and other crypto services such as staking.

SFC Launched a Consultation on Licensing

Hong Kong Securities and Futures Commission (SFC) announced a consultation On February 20 to solicit ideas from the market on "whether licensed platform operators should be permitted to provide services to retail investors" and "how to protect investors". Under the new licensing system, which will come into effect on June 1, 2023, all centralized virtual asset trading platforms operating in Hong Kong or marketing to Hong Kong investors will need to be licensed by the SFC. And the consultation will end on March 31. JPEX hopes that the new policy direction will set a new milestone for the cryptocurrency industry.

Jpex Is Fully Prepared to Apply for Hong Kong Crypto Trading License

JPEX is now fully prepared to apply for Hong Kong crypto trading license, after previously giving up several times due to the Hong Kong government's restrictions on the crypto industry.

Previously, the Hong Kong government only allowed users with a portfolio of at least HK$8 million (US$1 million) to trade in cryptocurrency investments. However, since Hong Kong is an international financial center, it should be open and accommodating to emerging financial services, including virtual asset services and new entrants to the global cryptocurrency industry, regardless of their assets. The impact of the previous policy has made it difficult for new users to participate in virtual asset trading.

JPEX said it will review related systems and controls to prepare for the new system, compliance with rules and regulations to ensure the application provides better service to customers.

With SFC finally changing its stance on cryptocurrencies which signifies the SAR government's open and friendly attitude, JPEX will continue to collect information about licensing system. And it will also be holding extensive discussions with personnel in its legal department to advance the licensing process.

Hashtag: #JPEX

The issuer is solely responsible for the content of this announcement.

Read more

Why Compact Designs of Caravan Travel Transform Short Getaways

A caravan makes exploring Australia more flexible. For many Australians, a compact and practical setup makes short breaks easier, more comfortable and far more spontaneous. The layout inside significantly impacts how comfortable, organised and enjoyable your travels become.  Travellers often compare... Read more

7 Situations Where GPR Scanning Can Prevent Costly Construction Mistakes

Construction projects often rely on accurate information before excavation, drilling, coring or demolition begins. While plans, utility records and visual inspections provide valuable guidance, they don't always reveal what's hidden beneath the surface. Unknown utilities, reinforcement, voids or buried structures... Read more

Key Terms to Review Before Signing a Business Lease

A business lease can be a large financial commitment, and the terms buried in the fine print can affect your operation for years. It can be tempting to skim past the legal detail once you’ve found premises you like, but... Read more

When Should You Speak to Bankruptcy Lawyers About Debt Problems?

Debt problems rarely appear without warning, yet many people wait far longer than they should before seeking legal advice about their situation. By the time the decision is made to consult with bankruptcy lawyers, the available options are often more... Read more

Top Electrical Safety Tips from Inner West Sydney Electricians

While it may not be the most exciting subject to discuss, having an electrically safe home is definitely one of the most critical. Knowing the basics could help you avoid accidents and ensure your home remains in good condition, whether... Read more

When to Escalate a Debt Recovery Matter to Legal Action

Knowing when to transition from informal debt collection efforts to formal legal proceedings is a decision that many creditors find difficult to navigate. Acting too early can damage commercial relationships, while waiting too long can reduce the likelihood of recovery... Read more