Readiness申请准备清单Readiness Checklist
申请前应先确认Before Filing
- 必须为香港注册公司或在香港注册的非香港公司
- 至少两名负责人（Responsible Officers），其中至少一名为执行董事
- 至少两名持牌代表（Licensed Representatives）
- The applicant must be a Hong Kong incorporated company or a non-Hong Kong company registered in Hong Kong.
- At least two Responsible Officers are required, at least one of whom must be an executive director.
- At least two Licensed Representatives are required.
监管重点Regulatory Focus
- 客户虚拟资产不少于 98% 须存放于冷钱包（线下存储）
- 须为客户虚拟资产购买保险或设立等额补偿安排
- 代币上架须经尽职调查；向零售投资者提供的代币须满足"合资格大型虚拟资产"标准
- At least 98% of client virtual assets must be held in cold wallet storage.
- Insurance or equivalent compensation arrangements must be maintained for client virtual assets.
- Token admission requires due diligence. Tokens made available to retail investors must satisfy the eligible large-cap virtual asset standard.
交付材料Delivery Workstream
- 业务模式合规分析与牌照路径规划
- RO/CO/MLRO 人选评估与本地化对接
- 业务计划书、内控政策、AML 框架全套起草
- 与 SFC 预申请沟通（含 IM 阶段）
- Business model regulatory analysis and licence route planning.
- RO, compliance officer and MLRO candidate assessment and local coordination.
- Drafting of business plan, internal control policies and AML framework.
- Pre-application communication with the SFC, including the initial meeting stage.
监管机构与法律依据Regulator & Statutory Basis
- 监管机构：香港证券及期货事务监察委员会（Securities and Futures Commission, SFC）
- 法律依据：《打击洗钱及恐怖分子资金筹集条例》（AMLO, Cap. 615）第 5B 部（适用于非证券型虚拟资产）；涉及证券型代币时另适用《证券及期货条例》（SFO, Cap. 571）第 1 类、第 7 类受规管活动
- 配套指引：SFC《适用于虚拟资产交易平台营运者的指引》（2023 年 6 月 1 日生效）
- Regulator: Securities and Futures Commission (SFC).
- Statutory basis: Part 5B of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO, Cap. 615) for non-security virtual assets. Security tokens may also trigger Type 1 and Type 7 regulated activities under the Securities and Futures Ordinance (SFO, Cap. 571).
- Supporting guidance: SFC Guidelines for Virtual Asset Trading Platform Operators, effective 1 June 2023.
SFC 《打击洗钱及恐怖分子资金筹集条例》（AMLO, Cap. 615）第 5B 部；涉及证券型代币时另适用 SFO 第 1 类、第 7 类受规管活动AMLO (Cap. 615) Part 5B; securities tokens may also trigger SFO Type 1 and Type 7 regulated activities
适用业务范围Permitted Activities
- 在香港经营中央化虚拟资产交易平台，撮合及执行虚拟资产交易
- 可向零售及专业投资者提供受规管虚拟资产交易服务
- 现行制度涵盖现货交易；虚拟资产衍生品暂未在 VATP 制度下向零售开放
- Operating a centralised virtual asset trading platform in Hong Kong to match and execute virtual asset trades.
- Providing regulated virtual asset trading services to retail and professional investors.
- The current regime covers spot trading. Virtual asset derivatives are not currently open to retail investors under the VATP regime.
申请人资格Applicant Eligibility
- 必须为香港注册公司或在香港注册的非香港公司
- 至少两名负责人（Responsible Officers），其中至少一名为执行董事
- 至少两名持牌代表（Licensed Representatives）
- 须委任合规主管及洗钱报告主任（MLRO）
- The applicant must be a Hong Kong incorporated company or a non-Hong Kong company registered in Hong Kong.
- At least two Responsible Officers are required, at least one of whom must be an executive director.
- At least two Licensed Representatives are required.
- A compliance officer and money laundering reporting officer (MLRO) should be appointed.
资本要求Capital Requirements
- 缴足股本：不低于 HK$5,000,000
- 速动资金：不低于 HK$3,000,000
- Paid-up share capital: not less than HKD 5,000,000.
- Liquid capital: not less than HKD 3,000,000.
关键合规要求Key Compliance Obligations
- 客户虚拟资产不少于 98% 须存放于冷钱包（线下存储）
- 须为客户虚拟资产购买保险或设立等额补偿安排
- 代币上架须经尽职调查；向零售投资者提供的代币须满足"合资格大型虚拟资产"标准
- 完整 AML/CFT 框架，包括 Travel Rule 合规
- 客户资产分隔保管并独立审计
- At least 98% of client virtual assets must be held in cold wallet storage.
- Insurance or equivalent compensation arrangements must be maintained for client virtual assets.
- Token admission requires due diligence. Tokens made available to retail investors must satisfy the eligible large-cap virtual asset standard.
- A complete AML/CFT framework is required, including Travel Rule compliance.
- Client assets must be segregated and independently audited.
时间表Timeline
- 预申请准备期：2 - 4 个月（业务计划、内控文件、IT 系统）
- 正式申请至发牌：约 12 - 18 个月（视申请人完备程度）
- Pre-application preparation: 2-4 months for business plan, internal controls and IT systems.
- Formal application to licensing: approximately 12-18 months depending on applicant readiness.
政府收费Government Fees
- 申请费按《证券及期货（费用）规则》附表 3 收取，以 SFC 公布为准
- Application fees are charged under Schedule 3 to the Securities and Futures (Fees) Rules and are subject to SFC publication.
持续合规义务Ongoing Obligations
- 月度财务申报及年度审计报告
- 重大变动通知（董事变更、超过 10% 股权变更等）
- 客户资产分隔账户独立审计
- 持续维持资本充足
- Monthly financial returns and annual audited reports.
- Notification of material changes, including director changes and shareholding changes above 10%.
- Independent audit of segregated client asset accounts.
- Continuous maintenance of capital adequacy.
典型申请人画像Typical Applicant Profile
- 已持有海外 VASP 牌照、拟进入亚太市场的全球交易所
- 持有 SFC Type 1/7 牌照、拟扩展虚拟资产业务的传统券商
- Global exchanges with overseas VASP licences entering the Asia-Pacific market.
- Traditional brokers holding SFC Type 1 or Type 7 licences and expanding into virtual assets.
Spark Advisory 服务范围Our Engagement Scope
- 业务模式合规分析与牌照路径规划
- RO/CO/MLRO 人选评估与本地化对接
- 业务计划书、内控政策、AML 框架全套起草
- 与 SFC 预申请沟通（含 IM 阶段）
- 答询应对及发牌后持续合规支持
- Business model regulatory analysis and licence route planning.
- RO, compliance officer and MLRO candidate assessment and local coordination.
- Drafting of business plan, internal control policies and AML framework.
- Pre-application communication with the SFC, including the initial meeting stage.
- Response support and post-licence ongoing compliance.