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The digital money that can release according to inspect of Hong Kong card superintends code and directive opinion, if need to make digital money trade platform, criterion the orgnaization needs Hong Kong negotiable security a card and 7 cards.
According to the definition of law of Hong Kong negotiable securities, the main effect of 7 cards is to offer automation to trade service operation, match client business dish the electron trades platform.
If hope to open digital money exchange in Hong Kong, besides needing to have a card and 7 cards, still need to apply for to enter sandbox test to superintendency authorities, can face eligible investor only.
Continent industry is OK through buying Hong Kong 7 cards and a card begin professional work of digital money exchange. According to our statistic, at present the orgnaization of 7 cards has Hong Kong hold 136, a card is close 30 thousand.
Inspect of Hong Kong card is met from 2018 bottom up to now, the domain issued to release document of 3 guidance that weigh a pound in digital money and negotiable securities token:
1." manage component of company, fund to sell business to reach about what invest combination in the light of fictitious asset trade platform operation person the statement of superintendency frame "
2." likelihood compasses canal is fictitious asset trades platform operation person notional sex frame "
3." the statement that issues about negotiable securities token "
Issued relevant business to undertake to digital money, negotiable securities token relatively the provision with clear , but overall and character, still be in inchoate exploration phase. Although return immature, but had been the important one step in digital money superintendency development.
Issue in negotiable securities token (abbreviation STO, security Token Offering) respect, inspect of Hong Kong card meets what SFC released in government-owned net on March 28, 2019 " the statement that issues about negotiable securities token " (next abbreviation " " statement " " ) , to be engaged in STO the company of relevant business or individual released applicable law exemple to reach superintendency regulation. Basis " state " : "Be in Hong Kong, negotiable securities token may be belonged to " negotiable securities and futures orders " below ' negotiable securities ' , be in charge of consequently by the compasses of exemple of law of Hong Kong negotiable securities. If anybody wants promotion and cent to sell negotiable securities token (it is no matter be in Hong Kong or with object of Hong Kong investor ) , unless obtain applicable exempt, need a basis otherwise " negotiable securities and futures orders " get compasses canal activity with respect to the 1st kind (negotiable securities trades) obtain deal or register. Belong to criminal crime otherwise. " set, the intermediary person that promotion and cent sell negotiable securities token must ensure comply with:
1.Must be registered or explain get the 1st kind of license plate, and, negotiable securities token should put on sale grants professional investor;
2.Cent sells the intermediary person of negotiable securities token to should undertake appropriate fulfils his duty to examine, provide the data of concerned STO to the client with clarity and the kind that understand easily, and should ensure all data that provide to the client all is reached truly do not have misdirect sex;
3.Before any activities that intermediary person is undertaking be being concerned with STO, answer to discuss its to plan with SFC first.
But this " state " to bourse of negotiable securities token relevant aptitude, did not do clear specification.
We hope to adopt the relevant requirement that studies intelligence of license plate of digital money exchange, will to everybody depict what currency of word of logarithm of clear and current Hong Kong trades to superintend plan, the needs possibly license plate aptitude that also can release exchange to prospective negotiable securities token at the same time makes potential reference.
If want to establish digital money exchange in Hong Kong, basis in December 2017 of Hong Kong SFC " send group of the law that hold a card and a letter that register an orgnaization: Contract of futures of concerned bit currency and with add the investment product related close money " in, connect case to express: Hong Kong investor can pass contract of futures of currency of bit of intermediary person business, but investor of Hong Kong is offerred trade service and relevant service (include to communicate or deliver make easy statement) form get superintendency service, and no matter concern business to whether be located in Hong Kong, all must meet to card inspect explain get license plate.
" basis " negotiable securities and futures orders " (the 571st chapter) (this byelaw) , card inspect can obtain an ode to counterpoise to undertake this byelaw place is limitted " get compasses canal activity " approve license plate to concerned personage. If the person that platform battalion carries obtains card inspect to be able to deal of purpose, answer to manage a net to hand in easy platform in Hong Kong, offer on its platform accord with " a when negotiable securities ＂ defines or of multinomial and fictitious asset trade service. Such, the person that this platform battalion carries meets what classify card inspect meets administer Geng is surrounded, need posses the 1st kind (negotiable securities trades) pass an imperial examination 7 kinds (offer automation to trade service) the license tag that bears compasses canal activity. "
In short, establish fictitious money exchange most at least needs date and 7 1 license plate. In the meantime, the bourse of operation futures contract and structural sex product is not allowed to deal. Besides, hong Kong code basically has 5 demands to fictitious money exchange, ** is shown as follows:
1.Fictitious asset trades the activity is in next onefold law is hypostatic undertaking entirely, namely all trading the activity must be in next law of the corporation that hold a card is hypostatic undertaking
2.All and fictitious trade business all must abide by applicable regulation, this Xuan basically is the condition that hold a card close compasses
3.Point to professional investor to provide a service, serve an user to own the property of above of 8 million Hongkong dollar namely, is not to come loose door
4.First the token that token issues is in original 12 months are traded limitation
5.The futures contract that must not offer composition or buying and selling and fictitious asset to concern or other develop produce
1.Bourse has enough financial and dovish sex to answer theft or hacker to inbreak wait for a risk; On the 100% lines that this asks to want platform Xuan fictitious asset (hot purse) undertake casting protecting, 95% lines leave fictitious capital fund (cold purse) cast protect. This will be insurance cost of brushstroke Zuo forehead.
2.The relevant risk of custodial and fictitious asset (if theft or hacker inbreak) cast buy insurance, evaluate a client to be in fictitious asset (the relevant venture that includes to involve fictitious capital fund) the knowledge of the respect.
3.Have KYC/AML (capacity attestation and wash money instead) flow.
But, close to adding currency trades for platform, if trade, is not negotiable securities token, do not have necessary enter sandbox.
·Superintendency sandbox is to share quality of one's own accord, its purpose depends on capable to be willing to be depended on lawfully compasses the fictitious capital exchange that begins professional work is offerred add up to regulation way, and hold license plate and do not plan explain the fictitious capital exchange that gets license plate undertakes distinguishing. That is to say, if be in,did not come " fictitious bourse holds a card to change " , do not have license plate will by " distinction is treated " .
·During emphasizing superintending sandbox with fictitious asset it is between bourse " collaboration " close . Both sides is discussed jointly whether to need to hold a card, superintend should achieve assorted one degree and the condition that hold a card to wait. This and aforementioned participate in principle photograph echo of one's own accord.
·Superintending sandbox phase, the superintendency condition of the person that avoids fair Xiao to carry to platform battalion somewhat promiscuous, the identity of sandbox applicant and concern discuss detail to will keep secret.
·Only card inspect can identify fictitious asset trades the firm bid that the person that platform battalion carries can prove to its are dedicated to should be being achieved according to abide, Kui is brought into finally to superintend sandbox likely.
The corresponding business of a license plate with can subordinate inspect of Hong Kong card is negotiable securities trade, basically provide following services:
1.The deal that client offers a stock to reach stock period to counterpoise / broker serves;
2.Bond of client business;
3. client is bought / buy gives mutually beneficial fund and unit fiducial fund matchs carry out to reach have exclusive selling rights negotiable securities.
Will look from statistical data, hong Kong security market is average and daily 2017 clinch a deal 88.2 billion HK dollar of amount , relatively the 66.9 billion HK dollar 2016 rises 32% ; Hong Kong had 21224 to appear on the market only newly in all 2017 structural sex product (derive authority card and) of Niu Xiong card, history is new tall, and relatively 13771 of 2016 rise 54% ; The exchange business fund of Hong Kong is average and daily 2017 clinch a deal 4.3 billion HK dollar of amount , relatively the 4.1 billion HK dollar 2016 rises 5% .
Inspect of Hong Kong card can announce a data to show, in 10 kinds of license plate, a license plate holds card law round to compare 25.49% , in 10 kinds of license plate is compared the 3rd, and 2017 end relatively incremental ratio of the beginning of the year leads 6.76% , rank in 10 kinds of license plate the 5th. In Hong Kong security market gradually below circumstance of get warm again after a cold spell, although the likelihood is faced with,buy a license plate purchase cost relatively before higher issue, but the IPO that harbor hands in place to may be rolled out this year is new politics one the likelihood will be field of harbor stock market erupts dot, and of a license plate buy also to inquire and consult of negotiable securities, asset management provide setting support. From buy cost to go up in light of, the buys a license plate case that can find at present: On September 27, 2017, silver-colored family investment controls a limited company 2.1 million dollar buys the limited company of square heart negotiable securities that has a license plate 100% share, at that time among RMB add dollar valence 6.6192, this means a license plate to buy cost to make an appointment with thirteen million nine hundred thousand three hundred yuan, according to HK dollar exchange rate calculates sixteen million four hundred and seven thousand three hundred HK dollar of at that time.
Offer automation to trade service operation, match client business dish the electron trades platform. Can offer dark dish trade trade match a system, go investor is offerred dark dish trade service (dark dish trade not to adopt bourse Kui interconnected system, the internal system that establishs through proper motion of business of certain and large certificate however undertakes quoting matching) .
According to law of Hong Kong negotiable securities, if the orgnaization wants to apply for to hold 7 cards into , need accords with following requirement
Need to explain above all, to Hong Kong company, those who use is " the law is round " (Body Corporate/corporation, namely " corporation " ) concept, place of inland of and rather than uses " legal person " one word.
1.According to exemple of Hong Kong law the 622nd chapter " company orders " 2 (1) , corporation: Include a company; Reach the company that just establishs law group with the other place in Hong Kong; But do not include single law group.
2." company orders " in specific provision, need establishs some legally first the company of legal category (include: (Inc. of A) fair Xiao ; (B) private Inc. ; (C) has the fair Xiao infinite company of capital stock; (D) has the private and infinite company of capital stock; (An insurance company that E) does not have capital stock) , establish law group with the company again (Incorporation Of Company) .
3.After the corporation that become , about the member that establish and often become any someone else of the member of this company, belong to a corporation namely. This corporation is capable that exercise provides all function of the company of law round position, permanent continuance. In the meantime, law round member is clear to the company dish have corresponding responsibility.
4.In short, a company becomes law group, the moral quality of independent legal person that had outback place to say namely, can and ought to assume corresponding legal responsibility.
1. "The person that hold a card " it is to compare " the law is round " more take first-order idea, those who point to is: Inside certain domain, be in charge of sectional approval via this domain, obtain some kind of license plate, can be engaged in some kind or the law group of activity of some a few kinds of specific business or individual. (attention, "The person that hold a card " include at the same time commonly " the law that hold a card is round " and " the delegate that hold a card " two concepts, already law group also has an individual, with " the law is round " the concept has across already)
2.With exemple of of negotiable securities domain, explain " the person that hold a card " specific be how set (after all industry of negotiable securities futures also is license plate most one of industries that centers) : According to exemple of Hong Kong law the 571st chapter " negotiable securities and futures orders " , "The person that hold a card " (Lisenced Person) refer in particular to negotiable securities of classics Hong Kong and futures control commission (namely inspect of Hong Kong card is met) approval can be engaged in " get compasses canal activity " , the law group that gets its to superintend or individual.
3.Specific and character, "The person that hold a card " involve above all " card / license plate " (License) concept, basis " negotiable securities and futures orders " subordinate list the paraphrase of 1, card / license plate is to point to a basis " negotiable securities and futures orders " the 116th, 117, 120 or 121 batches of given license plate. The 116th, 117, 120 or 121 in regulation, inspect of Hong Kong card is met can answer applicant (include law group and individual) application, through corresponding flow, approve license plate to the applicant (include formal license plate and short-term license plate) , allow its are engaged in a kind or many kinds " get compasses canal activity " . And catching dealing law group or individual is to cannot be engaged in alleged " get compasses canal activity " (" negotiable securities and futures orders " the 114th) .
All application related to the individual should be met through card inspect the electron serves a website (Https://portal.sfc.hk) hand over.
Network address: Https://portal.sfc.hk/sfcportal/signin? Locale=zh law group applies for to be able to publish meet at card inspect the paper form of the website or through card inspect website of meeting electron service is handed over. If the individual is big,the application of partner or functionary belongs to the essential part that law group files, this application but group of along with law applies for with paper form one is referred
Run card law group into , every kinds of license plate needs capture every year to pay year of cost 4740 Hongkong dollar. Application expends same 4740 Hongkong dollar.
What application needs time:
7 business day (apply to the application that opposes card delegate temporarily) ;
8 weeks (the application that applies to the common delegate that hold a card) ;
10 weeks (the application that applies to functionary) ;
15 weeks (the application that applies to group of the law that hold a card) .
Advocate if the regulation on law exemple is to want at least one " functionary RO " run a company, but when applying for license plate, or after obtaining hair license plate to manage in the future, the requirement of Hong Kong negotiable securities and control commission of futures general affairs recruits two at least " functionary RO " .
Among them, RO controller distributes size card. RO of big shop sign is before had had experience of controller of relevant license plate when what pass. RO of little shop sign is to pass HKSI relevant exam, have the personnel of relevant industry experience. With 9 RO-2017 year data exemple, do not participate in company management and operation, pure the monthly pay that hang out one's shingle is 5-6 about 10 thousand HK dollar, this is inspected among them experience and bargain ability. If need to share company operation and management, monthly pay can be as high as 100 thousand HK dollar.
Civilian battalion buys general mainland Hong Kong blame appears on the market the company that hold a card, basically touch in level of Hong Kong law " negotiable securities and futures orders " (Securities And Futures Ordinance) . If run card company,be to appear on the market company, still can touch " appear on the market regular " reach " buy regulations " . Buying Hong Kong to run card company is substantially " large stockholder of the company that hold a card is changed " . Specific flow is as follows:
1.The company that hold a card can give out application to inspect of Hong Kong card, application is changed or increase large stockholder. The key of application is card inspect the careful Yao of status of can large to running card company stockholder. The trustee of the company of large stockholder of be cognizanced and individual and company wants each level fill in application form case can put on record in card inspect.
2.Buy main body to want to issue corresponding asset proof, it is a bank commonly issued capital proves financial perhaps forms for reporting statistics. Buy main body to need to assure to enough capital actual strength is fulfilled buy a contract, and the follow-up that can guarantee the company that hold a card develops.
3. Yao of meeting key careful buys card inspect the aptitude that whether the enterprise has to hold card company large stockholder.
The key of Yao of joint hearing of inspect of Hong Kong card:
1.Buy a company whether company of estate of person of the same trade. If if be the same as banking industry,buy a company, opposite for more appropriate. If buy enterprise other industry, need is offerred complete and reasonable commercial specification.
2.After equity structure is changed, whether can the commercial pattern of the company that hold a card produce major change.
3.Whether to put in interest conflict. For example, if buy a company,be inland fund of collect of a runs a company, that one with the company that be bought it is completely congener business, whether can card inspect have between both of Lv of meeting unified exam do across dish trading likelihood, whether can have operate the likelihood of the market, interest that whether can harm one party investor and make accrual of other one party. Because this needs to build perfect wind to accuse system and segregation measure, personnel is deployed should reasonable and sufficient.
Hong Kong superintendency whole, support open attitude to the development of digital money, 3 when its release heavy pounds coach the file superintends the show effect with have main to use to home:
1." manage component of company, fund to sell business to reach about what invest combination in the light of fictitious asset trade platform operation person the statement of superintendency frame "
2." likelihood compasses canal is fictitious asset trades platform operation person notional sex frame "
3." the statement that issues about negotiable securities token "
We have reason to believe, negotiable securities token issues what also will follow exchange of money of word of a move in chess or a movement in wushu finally to gain ground, and develop gradually expand, becomes the financing trend with new .
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