Hong Kong

• Transparent and developed regulation in the field of crypto assets. Clear rules for licensing the activities of virtual asset providers. The regulator issues clear and business-oriented guidelines.
• Global recognition of the crypto license. The Hong Kong license is considered one of the most respected in the world. Including due to high FATF standards, strict AML/CTF requirements and compliance of crypto companies.
• One of the emerging leaders in the Asia-Pacific region. Since 2022, Hong Kong aims to become a global hub for virtual assets and is a promising entry point to the markets of this part of the world. Hong Kong launched Asia's first Bitcoin ETF and issued 10 crypto exchange licenses , including HashKey Exchange, OSL Exchange.
• Access to English law. Developed and stable legal system, professional courts and international commercial arbitration.

• Extremely high licensing requirements. For this reason, even some large crypto companies refuse to legalize in Hong Kong. Once a license is issued, regulatory requirements must be strictly followed. 
• Timeframe for obtaining a license. The process of obtaining a license can take approximately 10-12 months depending on the complexity and whether the regulator has questions or clarifications, which is above average in terms of timeframes compared to other jurisdictions.
• There is no specific regulation regarding mining, token issuance, and DAOs. For some, the lack of strict rules may be an advantage, but for those who value transparency and a clear regulatory framework, the uncertainty may be a major obstacle.

The level of costs for legalization in the jurisdiction is high

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• State duty for company establishment: from USD 193 to USD 219.
• Business registration and certificate of incorporation fee: USD 257.
• Authorized capital: varies depending on the type of license, from USD 12,850 to USD 3.2 million.
• State fee for consideration of an application for obtaining a license: from USD 426 to USD 1,542.
• Annual state fee for a license: from USD 260 to USD 771.

• Filling out the registration form with key information and preparing data for registration.
• Name Reservation.
• Appointment of a company secretary (must be a Hong Kong resident).
• Formalization of constituent documents.
• Registration with the Registrar of Companies.

• Preparing the main documentation package (including a business plan) and applying for a cryptolicense.
• Payment of the initial state application fee.
• The company's deployment of its systems and control mechanisms and the conduct of an external assessment with the participation of the regulator.
• Regulator's review of the application and interview series.
• Final Approval.