Web3 firms in Hong Kong are reportedly making substantial investments, ranging from HKD 20 million to HKD 200 million to secure Virtual Asset Service Provider (VASP) licenses, as reported by Foresight News. This comes after the introduction of the new VASP licensing regime for crypto exchanges by the Securities and Futures Commission on 1 June, requiring applicants to make proper disclosures on aspects such as user statistics and company financials. Subsidiaries of exchanges such as OKX, BitgetX, HashKey Pro, OSL and Gate.io have already begun operations under the new regime.

Source: https://cointelegraph.com