HashKey CEO says the cost of applying for a license for a virtual asset trading platform in Hong Kong is “not necessarily” tens of millions of dollars

Hashkey Exchange CEO Livio Weng said in a recent interview with FT Chinese that the cost of applying for a license may not be tens of millions of US dollars, but it must be tens of millions of Hong Kong dollars. The cost of preparing the license review materials is different from the cost of the operating stage. For HashKey, which is already in operation, the investment in the entire exchange sector is indeed tens of millions of US dollars, but it is not expected to be so much for platforms that are still in the license application stage. In addition, Weng Xiaoqi revealed that the Hong Kong Securities Regulatory Commission may not be equipped with enough staff to conduct a comprehensive review of all Native Web3 institutions, but at least it has clearly embraced a development route, which is better than the previous stage of crossing the river by feeling the stones and following the steps step by step. It is optimistically estimated that after the risk control level is delineated, supervision will enter a new stage. This round of policy advocacy of "531" is also a broad education for the entire market, laying the foundation for the long-term development of Hong Kong Web3. (FT Chinese)