Odaily News: Hong Kong's regulatory system for virtual asset trading platform operators is known as the "Dual-License" system. Apart from the licensing system for "security-type tokens" under the Securities and Futures Ordinance, there is another licensing system for "non-security-type tokens" under the Anti-Money Laundering Ordinance, which will officially take effect on 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 issued yet. The Hong Kong Securities and Futures Commission has previously stated that the terms and characteristics of virtual assets may evolve over time, and the defining criteria for "security-type tokens" and "non-security-type tokens" may also change. Therefore, virtual asset platforms should hold dual licenses to ensure compliance. (Caixin)