Hong Kong

• Transparent and well-developed regulation in the field of crypto-assets. Clear rules for licensing the activity of virtual asset providers. The regulator issues clear and business-oriented guidelines.
• Global recognition of the cryptolicense. The Hong Kong license is one of the most respected in the world. In particular, due to the high standards of FATF, strict requirements for AML/CTF and compliance of crypto-companies.
• One of the leading developing regions in the Asia-Pacific region. Since 2022, Hong Kong aims to become a global hub for virtual assets and is a promising market for entering this part of the world. The first ETF in Asia on Bitcoin was launched in Hong Kong and issued 10 cryptolicense cryptobrokers, including HashKey Exchange, OSL Exchange.
• Access to English law. Developed and stable legal system, professional courts and international commercial arbitration.

• Extremely high requirements for licensing. For this reason, even some of the largest crypto companies refuse to legalize in Hong Kong. After receiving a license, it is necessary to strictly comply with regulatory requirements. 
• License issuance time. The process of obtaining a license can take approximately 10-12 months, depending on the complexity and the presence of questions or clarifications from the regulator, which is higher than average in terms of time.
• No special regulation in relation to mining, token issuance and DAO. For some, the absence of strict rules may be an advantage, but for those who value transparency and clear regulatory frameworks, uncertainty can be a serious obstacle.

The level of expenses for legalization in the jurisdiction is high

​

• Company registration fee: from USD 193 to USD 219.
• Business registration fee and issuance of a certificate of company registration: USD 257.
• Share capital: varies depending on the type of license, from USD 12,850 to USD 3,2 million.
• Application fee for license consideration: from USD 426 to USD 1,542.
• Annual license fee: from USD 260 to USD 771. 

• Filling out the registration form with key information and preparing data for registration.
• Reserving a name.
• Designation of a company secretary (must be a resident of Hong Kong).
• Preparation of founding documents.
• Registration in the company register.

• Preparation of the main package of documentation (including a business plan) and submission of an application for a cryptolicense.
• Payment of the initial state fee for consideration of the application.
• Development of the company's systems and mechanisms for control and external evaluation with the regulator.
• Consideration of the application by the regulator and series of interviews.
• Final approval.