Traditional license uplift virtual asset license
I. Traditional license uplift virtual asset license
SFC No. 1 license upgrade to virtual asset trading broker: can be used as a virtual asset broker to provide virtual asset trading brokerage services to institutional clients.
SFC No. 4 license upgrade to virtual asset trading broker: can be used as a virtual asset investment advice service for customers.
SFC No. 9 license upgrade to virtual asset trading broker: can be used as a virtual asset manager to provide virtual asset management services to institutional clients.
II. Traditional license uplift virtual asset license conditions
The traditional license uplift virtual asset license application conditions are mainly formulated according to the relevant requirements of the Hong Kong Securities Regulatory Commission. According to the actual application experience of Future Well License Compliance Limited, we summarize them as follows:
1. SFC 1 licensees can only operate an online central virtual asset brokerage platform, and provide trading services for at least one token on its trading platform, and conduct virtual asset trading business outside the trading platform; must comply with the attached "Terms and Conditions Applicable to Virtual Asset Trading Platform Operators".
2. SFC 4 licensees can only provide comprehensive virtual asset consulting services to customers, and the types can be retail investors or professional investors.
3. SFC 9 licensees can only provide comprehensive virtual asset management services to customers. The management scale is not limited to 10% of the traditional license, and can manage up to 100% of virtual assets.
III. How to apply
Application process for license upgrade:
1. Supplementary conditions: When key management personnel, funds and Hong Kong companies are in place, you can apply;
2. Submit materials: Submit materials related to the application conditions to the acceptance department and apply;
3. Review stage: The Hong Kong Securities and Futures Commission will mainly review the company's financial situation, personnel qualifications, reputation and other aspects;
4. License issuance: Qualified units will successfully upgrade their licenses.
Future Well License Compliance Limited has many years of rich experience in licensing business and can handle the application or merger of relevant licenses on behalf of customers, saving customers' valuable time and energy, and is your loyal partner on the road to success.
IV. Application fee for license
Our company provides one-stop service for your company, which can help the company apply for a license in all aspects:
1. Compliance assessment: Audit whether the existing business complies with the "Virtual Asset Terms and Conditions" (2023 Edition), with a focus on custody arrangements, risk management and customer suitability.
2. Document preparation: Prepare upgrade application materials (including documents such as business plans and compliance manuals). Key documents include virtual asset custody agreement, network security management policy and risk disclosure statement (refer to SFC Schedule 4).
3. Regulatory declaration: Submit application through the SFC online portal (WINGS)
4. Implementation: System transformation includes the inclusion of a wallet address whitelist mechanism, and employee training content includes virtual asset characteristics and anti-money laundering requirements.
