On December 18, 2024, the Hong Kong Securities and Futures Commission (SFC) issued virtual asset service licenses (VATP) to four applicants for virtual asset trading platforms under the rapid licensing procedure.
Among them, Hong Kong Digital Asset Trading Group Limited: launched by Taiji Capital Group, which primarily provides tokenized asset services, including capital markets and wealth management, digital asset exchanges, and Web3 SaaS and technology research and development. Taiji Capital's founder, Gao Han, previously served as an executive at the Hong Kong Stock Exchange, responsible for promoting products such as Stock Connect and Bond Connect. Hong Kong Digital Asset Trading Group has launched the HKbitEX platform, aimed at providing compliant digital asset spot trading and over-the-counter trading services for global professional investors, and has already secured tens of millions of dollars in financing.
Regarding the registration issue of the platform, I visited the platform's website, and it seems that the registration process has not yet been enabled; however, a lot of information is already available for browsing. According to the current search results, residents of mainland China can register on the HKbitEX platform, but it is important to note that compliance with the relevant laws and regulations of Hong Kong and mainland China is required when registering and using the platform. Specifically:
Choosing a Compliant Platform: HKbitEX is one of the licensed trading platforms recognized by the Hong Kong SFC, meaning it complies with Hong Kong's legal requirements and provides corresponding security guarantees. For residents of mainland China, choosing such a compliant platform for virtual asset trading is a relatively safe choice.
Identity Verification (KYC): During the registration process, users need to complete a strict identity verification procedure (Know Your Customer, KYC). This usually includes submitting personal identity information, proof of residence, and other documents. For residents of mainland China, additional information may be required to prove the legitimacy of the source of funds and ensure that trading activities comply with the regulations of both regions.
Cross-border capital flow: After trading on the HKbitEX platform, if it involves converting virtual assets into fiat currency and transferring it back to mainland China, special attention should be paid to China's foreign exchange management and capital account opening regulations. According to current regulations, large or frequent cross-border transfers without approval may attract the attention or even restrictions of the foreign exchange administration. Therefore, it is recommended to conduct operations in smaller batches and retain detailed transaction records for verification.
Policy Update Attention: As the regulatory policies in the virtual asset sector are continuously evolving, residents of mainland China should closely monitor the latest guidelines and regulatory changes issued by the governments of both regions to ensure their operations remain legal and compliant. For example, understand the specific requirements for foreign exchange management in mainland China and any updates on withdrawal policies from Hong Kong platforms.
Risk Awareness: Although HKbitEX is a licensed platform, all investments carry certain risks. Residents of mainland China should rationally assess their risk tolerance and not invest more than they can afford to lose, while also being cautious of market volatility and its uncertainties.
The above information is pending confirmation after the website registration function opens in a few days. If readers successfully complete their registration, please leave a comment below for communication.