TechFlow News, during a Twitter Space discussion hosted by SQUARE DAO on Hong Kong's new virtual asset regulations, Dr. Xiao Feng of HashKey Group revealed that obtaining licenses related to virtual assets—specifically Types 1, 4, 7, and 9—takes approximately two years and costs around $20 million.
He also pointed out that after the anticipated passage of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance in March next year, there may be streamlining measures introduced for virtual asset licensing. Following the implementation of the ordinance, utility tokens will also fall under regulatory oversight. However, he emphasized that their regulation should differ from that of security tokens. Notably, utility tokens are currently not regulated in Singapore.
