Consolidate three compliant virtual asset retail institutions in Hong Kong to help investors participate more conveniently in the Hong Kong Web3 layout.
Author: Bobin, Bailu Salon
Virtual assets remain one of the most promising markets globally. With the implementation of policies and the emergence of more compliant projects, the demand for enterprises and individuals to open accounts with compliant institutions in Hong Kong to participate in virtual asset trading has been increasing.
In this issue, Bailu Salon summarizes the only three compliant virtual asset retail institutions in Hong Kong at present: OSL, Hashkey, and Victory Securities, to help investors participate more conveniently in the Hong Kong Web3 layout.
OSL
On December 15, 2020, OSL became the first to be licensed by the Securities and Futures Commission of Hong Kong (SFC) to conduct regulated activities of Type 1 (dealing in securities) and Type 7 (providing automated trading services). It officially became the world's first digital asset trading platform licensed by the SFC, listed, with digital asset wallet insurance, and audited by one of the Big Four accounting firms, serving institutional and professional investors.
On August 3, 2023, OSL announced that it has been approved by the SFC to expand its existing license. It is authorized to expand its digital asset trading services to retail investors, including Bitcoin and Ethereum.
In terms of account opening procedures, OSL account opening is divided into two categories: individual accounts and corporate accounts. For corporate account opening, you need to contact the staff via email, who will guide you through the account opening process.
The process for opening an individual OSL account is as follows:
(i) Open a basic cryptocurrency account via email, and choose "Individual User" or "Corporate User";
(ii) Complete OSL trading KYC verification;
Identity verification includes: personal information, identity documents (ID card, passport), address proof *, biometric verification, financial information, asset proof, agreement signing;
Identity documents required: ID card, passport;
Address proof documents required: bank statements / credit card statements / water bills / electricity bills / gas bills from the last three months;
(iii) Complete "Risk Preference Assessment" to determine the trading functions you can use; if the assessment score is too low, it may limit certain trading combinations;
(iv) After completing the above steps, OSL exchange will review the application, and the result is usually notified within a week;
(v) After completing the account opening process, the OSL account needs to be activated by making the first deposit; according to the regulations of the Hong Kong cryptocurrency license, the first deposit amount should not be less than 10,000 Hong Kong dollars or 1,500 US dollars.
Hashkey Exchange
On November 10, 2022, Hash Blockchain Limited, a subsidiary of Hashkey Group, was licensed by the SFC to conduct regulated activities of Type 1 (dealing in securities) and Type 7 (providing automated trading services). Subsequently, it launched the compliant exchange Hashkey Exchange.
On August 3, 2023, HashKey Exchange officially announced the upgrade of its Type 1 and Type 7 licenses, becoming one of the first licensed trading platforms in Hong Kong to cater to retail users.
Currently, the services provided by Hashkey Exchange can be roughly categorized as follows:
(i) Individual Professional Investors: individuals / jointly with others, or investment companies wholly owned by individuals, with a total investment portfolio on the relevant date of not less than 8 million Hong Kong dollars or the equivalent in foreign currency;
(ii) Corporate Professional Investors: corporations or partnership enterprises with a total investment portfolio on the relevant date of not less than 8 million Hong Kong dollars or the equivalent in foreign currency, or total assets not less than 40 million Hong Kong dollars or the equivalent in foreign currency market value;
(iii) Institutional Professional Investors: entities that meet the definition of "professional investors" under the Securities and Futures Ordinance, such as banks, brokerage firms, insurance companies, or other regulated intermediaries;
(iv) Retail Clients or Retail Investors: anyone other than professional investors.
The process for opening an individual Hashkey Exchange account is as follows:
(i) Enter your phone number or email, fill in the verification code to complete the account registration;
Emails not currently accepted include: qq.com, 163.com, 126.com, sohu.com, sina.com, etc.; phone numbers cannot be from mainland China, the United States, Malaysia, American Samoa, Bangladesh, Algeria, Egypt, Guam, Morocco, Puerto Rico, Northern Mariana Islands;
(ii) Follow the prompts to complete KYC verification. When conducting KYC verification, you need to choose the account type, which cannot be changed after selection;
Identity verification includes: personal information, document and biometric verification, financial information, asset proof, agreement signing;
Passport regions not accepted: Russia, Afghanistan, Angola, Burundi, Belarus, Democratic Republic of the Congo, Central African Republic, Côte d'Ivoire, Cuba, Eritrea, Ethiopia, Guinea, Guinea-Bissau, Haiti, Iraq, Iran, North Korea, Lebanon, Liberia, Libya, Mali, Myanmar, Nicaragua, Rwanda, Sudan, Sierra Leone, Somalia, Syria, Ukraine, Venezuela, Yemen, South Africa, Zimbabwe, South Sudan;
Address proof documents required: bank statements / credit card statements / water bills / electricity bills / gas bills from the last three months; if using a family member's address proof, additional proof of relationship with the family member is required.
(iii) Complete facial recognition verification;
(iv) Complete the "Investment Questionnaire";
(v) Complete bank transfer verification. When making a bank transfer, you need to upload two pieces of information: a bank card in the same name as the account, and upload the deposit transfer proof;
According to the regulations of the Hong Kong cryptocurrency license, the first deposit amount should not be less than 10,000 Hong Kong dollars or 1,500 US dollars;
Deposit regions accepted by HashKey: Hong Kong, Australia, Austria, Belgium, Canada, Ireland, Israel, Italy, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, United Kingdom, United States (but does not support U.S. identification, and does not support Visa card transfers).
For corporate and institutional investors, after selecting the corresponding category for identity verification, the staff will send relevant documents via email and guide you through the account opening process.
Victory Securities
On December 9, 2022, Victory Securities obtained the Hong Kong virtual asset Type 1 and Type 4 licenses, becoming the first financial group in Hong Kong to be simultaneously issued virtual asset trading and advisory licenses by the SFC.
On November 24, 2023, Victory Securities was approved by the SFC to become the first licensed local securities firm in Hong Kong to provide virtual asset trading and advisory services to retail investors after the new regulations were released.
According to the guidance on the Victory Securities official website, investors need to first complete the securities account application with Victory Securities; after opening the account, non-mainland Chinese clients can complete the subsequent steps to open a virtual asset "VA" account.
For individual accounts, clients eligible to open a securities account with Victory Securities include: clients holding Hong Kong identity cards and clients holding mainland Chinese identity cards.
For clients holding a Hong Kong identity card, the required documents include: (i) Hong Kong identity card; (ii) Hong Kong phone number; (iii) Hong Kong bank account number for future deposits; (iv) address proof from the last three months, such as bank statements, utility bills, etc.; (v) and an email address for receiving relevant notifications and documents from Victory Securities.
For clients holding a mainland Chinese identity card, the required documents include: (i) Chinese mainland second-generation identity card; (ii) Chinese mainland phone number; (iii) a debit card from a Chinese mainland bank account in the same name for verification; (iv) a Hong Kong bank account for future deposits; (v) address proof from the last three months, such as bank statements, utility bills, etc.; (vi) and an email address for receiving relevant notifications and documents from Victory Securities.
After preparing the necessary documents, individual clients can visit the Victory Securities official website under "Customer Service" - "FAQs," where detailed graphical operation steps are provided. By filling in the required information as instructed, the securities account can be opened.
For corporate accounts, the account opening process is currently divided into two categories: Hong Kong companies and overseas companies.
The documents required for Hong Kong companies include: (i) a copy of the board resolution; (ii) copies of the identity cards/passports and address proof from the last three months of all directors, authorized traders, authorized signatories, and ultimate beneficial owners holding ten percent or more of the company's ultimate equity/shares; (iii) company registration certificate, CI, and subsequent company name change certificate; (iv) company articles or rules; (v) company address proof; (vi) company bank account; (vii) the most recent annual declaration, appointment/cessation notices for all subsequent secretaries and directors, and share allocation declaration and/or transfer documents detailing the information of current shareholders; (viii) valid business registration certificate, BR; (ix) company ownership structure diagram.
The documents required for overseas companies include: (i) a copy of the board resolution; (ii) copies of the identity cards/passports and address proof from the last three months of all directors, authorized traders, authorized signatories, and ultimate beneficial owners holding ten percent or more of the company's ultimate equity/shares; (iii) company registration certificate, CI, and subsequent company name change certificate; (iv) company articles or rules; (v) company address proof; (vi) company bank account; (vii) director records; (viii) shareholder records; (ix) a certificate of director's incumbency issued within the last 6 months; (x) company ownership structure diagram.
Whether for Hong Kong companies or overseas companies, document copies must be verified and signed by professionals recognized by the SFC, such as practicing lawyers, certified public accountants, notaries, and provide a copy of their professional license.
After preparing the documents, it is necessary to fill out four relevant forms. The form filling guide can be found on the Victory Securities official website under "Customer Service" - "FAQs" - "Account Opening Guide" - "How to Open a Corporate Account."
After completing the following forms, the corporate account can be opened through the following two methods:
(i) By mail: After the required forms and documents have been verified and witnessed, they can be mailed to Victory Securities' Hong Kong office. If the documents are complete, it will take about 2 to 3 days for the review, and the account can be opened after successful verification.
(ii) In person: The director or an authorized signatory from the meeting records must bring the original documents or verified copies and personally visit Victory's Hong Kong office to fill out and sign the forms. If the documents are complete, it will take about 2 to 3 days for the review, and the account can be opened after successful verification.
Whether it is an individual account or a corporate account, after completing the securities account opening, on the Victory Securities official website under "Customer Service" - "FAQs" - "Account Opening Guide" - "How to Create a Virtual Asset VA Account" - log in to the customer area, fill out four relevant forms to complete the opening of the virtual asset VA account.
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