Enhanced Investments - Financial Portal

“VASP Licensing Regime & Industry Best Practices” exclusive event hosted by ChainUp & Alibaba Cloud - Hong Kong

Published: 2023-06-20 02:38:00 ET

--News Direct--

Hong Kong – 16th June 2023 – ChainUp a global blockchain technology service provider & Alibaba Cloud hosted an exclusive event on latest Virtual Asset Service Provider (VASP) Licensing Regime & industry best practices in Hong Kong. Amidst the growing significance of regulatory compliance within the blockchain and cryptocurrency industry, the event offered attendees valuable and comprehensive insights into effectively tackling the challenges and capitalizing on the opportunities encountered by VASPs operating not only in Hong Kong but also in global markets.

The event took place on 16th June 2023 at Time Square - Causeway Bay, Hong Kong. Industry experts, leaders and regulatory authorities discussed key topics and shared their insights to navigate the evolving landscape of virtual asset services.

Mr. Michael Gao, ChainUp – HK CEO & Head of Sales (Global) spoke about “The Technological Bridge to Regulated Virtual Assets Exchange in Hong Kong”. He highlighted on the recent Hong Kong Securities and Futures Commission’s new licensing regime which came into effect from 1st June 2023 and requirements for centralized virtual asset trading platforms (VA trading platforms) to trade non-security tokens. He said “In traditional finance, banks use KYC (Know Your Customer) to verify the identity of customers. But in blockchain network we need to understand whether a particular token has any risk. Hence KYT (Know Your Transaction) is used to monitor and analyse digital asset transactions to identify potential risks and comply with regulations. We see there's a strong demand on this and we help our customers by integrating the required compliant solutions into the exchanges built”

The event covered various aspects of the VASP Licensing Regime, including:

Regulatory framework overview in Hong Kong
Key requirements for obtaining a VASP license
Best practices for compliance, security and risk management

ChainUp, a global provider of comprehensive blockchain technology solutions help customers build efficient and compliant digital asset solutions that align with the latest industry standards. With ChainUp’s extensive suite of services, empowers businesses to navigate the complexities of digital asset landscape and build robust solutions. Aligned with latest licensing regime of Hong Kong, the implementation of KYT/AML solutions becomes imperative for digital asset transactions. ChainUp's product "ChainEyes KYT" focusing on blockchain risk control and compliance services offers a comprehensive solution to address these regulatory requirements effectively.

About ChainUp Group

Founded in 2017, ChainUp is a leading end-to-end blockchain technology solutions provider covering infrastructure development and ecosystem support. Built on the mission to empower businesses through blockchain technology, ChainUp’s innovative and all-around compliant solutions include digital asset exchange systems, NFT trading systems, wallet solutions, liquidity solutions, and digital assets custody and management. Headquartered in Singapore and with offices around the world, the company has served more than 1,000 clients in 30 countries, reaching over 60 million end-users.

For more information, please visit: www.chainup.com.

Contact Details

ChainUp

Media Team

pressrelease@chainup.com

Company Website

https://www.chainup.com/

View source version on newsdirect.com: https://newsdirect.com/news/vasp-licensing-regime-and-industry-best-practices-exclusive-event-hosted-by-chainup-and-alibaba-cloud-hong-kong-716375790

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All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.