GlobalSTOX’s Wholly-Owned Subsidiary Has Successfully Obtained a TCSP License
Ellie Suen May 05, 2020 16:00
GlobalSTOX Limited (“GSL”) is pleased to announce that its wholly-owned subsidiary, HKSTOX Finance Limited, has successfully obtained a Trust or Company Service Provider License (“TCSP License”) on 29 April 2020. The TCSP license number is TC007109.
GlobalSTOX Limited (“GSL”) is pleased to announce that its wholly-owned subsidiary, HKSTOX Finance Limited, has successfully obtained a Trust or Company Service Provider License (“TCSP License”) on 29 April 2020. The TCSP license number is TC007109.
By obtaining the TCSP License, it has reached a milestone in meeting the regulatory requirements of the Securities and Futures Commission of Hong Kong (“SFC”) for licensed virtual asset trading platforms. With the TCSP License, HKSTOX Finance Limited will be permitted to provide virtual asset custody services to its clients in a safe, compliant and convenient way.
SFC set out a clear set of mandatory requirements for applicants of the Virtual Asset Trading Platform Operator License (“VATP License”) pursuant to its “Position Paper-Regulation of Virtual Asset Trading Platform” published on the day of 6th November 2019 (“Position Paper”), in which, the applicant must adopt a trust structure to safekeep client virtual assets and that approval of the TCSP License is one of the necessary conditions for applying for the SFC VATP License. The TCSP License mentioned above is subject to the licensing conditions set forth in the Position Paper, including client assets custody in trust segregated from those of the platform. The function of asset custody can only commence after the VATP License is approved by the SFC and subject to the relevant SFC’s licensing conditions.
It has been reported that the bar for the VATP License is quite high. The key requirements include but not limited to the following – arrangement of custody of assets through a trust structure holding a TCSP License, full insurance coverage for the client virtual assets, a quality team of management and operation, trade surveillance of virtual assets transactions for maintaining a fair market, and high-quality technical trading platform product. The VATP License is currently the regulatory approval that Hong Kong, as a mainstream international financial center, has for operators of virtual asset trading platforms. Upon approval, the trading platform under this VATP License, after the completion of due diligence and compliance with such internal requirements, can commence the trading of a wide range of mainstream cryptocurrencies, including utility tokens and security tokens, providing a wide scope of business and therefore highly valued. Currently, only a few top players with considerable capabilities are actively participating in the license application process. With its high-quality management, operation and technical team, GSL will continue to adhere to its professional, devoted and pragmatic approach to actively participate in the license application process and to establish a compliant, safe and efficient platform of virtual asset trading, leading the industry to a compliant, sustainable and healthy development.
About GlobalSTOX Limited
GlobalSTOX Limited(“GSL”) was incorporated in Hong Kong in 2018 and is a fintech company with great potential. It operates a virtual asset trading platform APX.HK (https://www.apx.hk) through its wholly-owned subsidiary HKSTOX Limited. The platform is committed to creating a compliant, safe and secure virtual asset trading platform for professional investors (including mainstream investors, institutions and high-net-worth customers), and actively building a new generation of compliant, safe and trustworthy virtual asset trading platform.
GSL is committed to innovating the infrastructure of the financial market using the cutting-edge technologies including artificial intelligence (AI), Blockchain and Internet of Things (IoT) technologies. GSL has strong management, consultancy and technical teams and members include Mr. Alec Tsui, the former Chief Executive Officer of the Stock Exchange of Hong Kong, Mr. Stephen Suen, the former Director of Enforcement Department of SFC, Mr. Jay Liang, the founding chairman of Hong Kong Blockchain Association, Mr. Danny Deng, the Chairman of TAI GROUP CO., LIMITED, Mr. Tony Tong, the Founder of PacificNet (previously listed in NASDAQ), Mr. Charlie Lee, the former Chief Technology Officer of Coinbase and also the Litecoin founder, and other veterans in financial and Blockchain industry.
GlobalSTOX: https://www.globalstox.io/
APX: https://www.apx.hk/
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