Original Title: TideBit has not yet applied for a virtual asset trading platform license, pending more regulations
2023-07-25 | ET Net | Finance | View Original Content
The Hong Kong government issued new licensing guidelines for virtual asset trading platforms in June. B. Robin Xie, a partner at TideBit's operator iSunCrowd, said that TideBit is one of the few Virtual Asset Service Providers (VASPs) in Hong Kong that can continue to operate legally during the transition period, providing non-security token trading services to institutional and retail investors. The company has not yet applied for a license but plans to do so.
Chairman Chen Ping added that Hong Kong's current regulations on cryptocurrencies are still based on traditional legal and financial perspectives. He warned that managing and regulating cryptocurrencies from the perspective of securities finance and historical continuity could be disastrous. He hopes to provide more suggestions to the authorities during the transition period so that future laws and regulations can adapt to the nature of the virtual asset market as much as possible.
There are rumors that some international banks in Hong Kong have refused to open accounts for cryptocurrency exchanges. Xie said that for virtual asset trading platforms, it's important to consider how to perfectly integrate with the existing traditional financial system. Banks in Hong Kong and the United States are willing to cooperate with TideBit to provide convenience for its customers. Chen said that the platform's transactions are all "above board," and the cooperation between the platform and banks is entering a new stage to bring more convenience to investors. However, larger Chinese banks are still cautious about virtual currency platforms. An announcement about cooperation with a local bank will be made in about a week.
As of May 31, 2023, TideBit had nearly 62,000 registered users, about 40,000 of whom were active registered users, including over 20,000 KYC (real-name authentication) users. More than 90% of these were Hong Kong KYC users. The cumulative transaction amount was approximately US$85.5 billion. TideBit uses a blockchain-based accounting system and an artificial intelligence-based zero-knowledge proof audit system. Transaction records are audited and statistically analyzed in near real-time, and standard financial statements such as balance sheets, profit and loss statements, and cash flow statements can be generated at any time. This provides the greatest clarity to users and better protects their rights and interests.