Xiao Feng: The cost of applying for a virtual asset license in Hong Kong is 20 million USD and takes 2 years

ChainCatcher news, during the Twitter Space discussion on the new virtual asset policies organized by SQUARE DAO, Dr. Xiao Feng from HashKey Group revealed that the application for virtual asset licenses No. 1, 4, 7, and 9 will take about 2 years and cost around 20 million USD. He also pointed out that after the Anti-Money Laundering and Counter-Terrorism Financing Ordinance is passed in March next year, there is hope for related simplifications regarding virtual asset licenses.