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【Ta Kung Pao 大公報】iSunCrowd Intends to Apply for a Virtual Asset Dealer License

2023-07-26 | Ta Kung Pao HK(Economy) | Network News | View Original Content

Financial Requirements for Virtual Asset Trading Platforms
Financial Requirements for Virtual Asset Trading Platforms

[Ta Kung Pao] On June 1, the "Guidelines for Virtual Asset Trading Platform Operators" came into effect, allowing licensed trading platforms to provide services to retail investors. iSunCrowd Limited's Chairman, Mr. Chen Ping, said that TideBit, a cryptocurrency trading platform operated by iSunCrowd Limited, has been engaged in virtual currency trading in Hong Kong since 2017 and has over 60,000 registered users, including more than 20,000 KYC users (real-name authentication users), of which more than 90% are Hong Kong KYC users. With a cumulative turnover of US$85.5 billion, the platform meets the qualifications of the existing VATP (Virtual Asset Trading Platform) and will continue to operate legally in Hong Kong and provide services to institutional and retail investors during the transition period.

iSunCrowd intends to apply for a Hong Kong Virtual Asset Service Provider (VASP) license. However, Chen Ping believes that the direction of regulating VASPs in Hong Kong is wrong, and that applying the regulation of traditional securities to VASPs may not be in line with the development of the industry. iSunCrowd's Executive Director, B. Robin Xie, said that tokens such as Bitcoin, Ethereum, and ripple currencies are not based on physical assets, and their value is only shaped by the market demand, and therefore suggests that the regulation of tokens be conducted in a different way.

It is rumored that some international banks in Hong Kong have refused to open accounts for cryptocurrency exchanges. ROBIN said that the cooperation between platforms and banks is entering a new phase, with banks in Hong Kong and the US willing to cooperate, but larger Chinese banks are still cautious about virtual asset platforms.


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