VASP expenditures vary between 20 million and 200 million Hong Kong dollars as firms scramble to find Web3 talent for licensing.
According to a June 27 report by local news outlet Foresight News, Web3 firms in Hong Kong are spending anywhere between 20 million and 200 million Hong Kong dollars ($2.55 million and $25.5 million) for the acquisition of a Virtual Asset Service Provider (VASP) licenses. Sources explained:
The same day, the Hong Kong Virtual Asset Consortium published its virtual asset index consisting of major cryptocurrencies such as Bitcoin (BTC) and Ether (ETH), alongside altcoins and privacy tokens. The new organization seeks to provide ratings services and indexes to facilitate retail crypto trading in the SAR and is supported by Huobi, KuCoin, Bitget and others.