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:

Analysts at Foresight mentioned that Hong Kong subsidiaries of exchanges such as OKX, BitgetX, HashKey Pro, OSL and Gate.io have already begun operations. As of June 27, OKX has since grown to 8,800 registered users in Hong Kong with a cumulative trading volume of $150 million in the special administrative region (SAR) of China.

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