BiyaPay Addresses Regulatory Compliance
BiyaPay, a multi-asset trading wallet platform, has publicly addressed a recent statement from the Hong Kong Securities and Futures Commission (SFC) concerning unlicensed operations in the region. In their official response, BiyaPay clarified that it does not hold any licenses to operate stock or cryptocurrency trading in Hong Kong and is fully compliant with the local regulatory framework. The company specified that it does not offer any stock or cryptocurrency trading services to residents in Hong Kong.
Global Compliance Initiatives
In its commitment to regulatory compliance on a global scale, BiyaPay has made notable progress. The company has secured a financial service license in New Zealand and is in the process of establishing a presence in the United States, where it is applying for a broker license. Additionally, BiyaPay is actively pursuing investments in and acquiring local securities and cryptocurrency-related licenses in Hong Kong while working on regulatory approvals in several jurisdictions. These include:
- EU MiCA and VASP licenses
- New Zealand FMA license
- Cayman SIBL Securities Investment Business License and Banking License
- US MTL (Money Transmitter License)
- US RIA (Registered Investment Adviser) license
BiyaPay is also in the process of setting up funds in the British Virgin Islands and Cayman Islands. This initiative is meant to aid the development of the BIYA Chain, aimed at enhancing on-chain trading capabilities for US stocks. The company has stated that it is prioritizing the improvement of its licensing situation and asset management strategies to build a transparent and effective global compliance framework.
Future Commitment to Compliance
Looking forward, BiyaPay has committed to making compliance its primary strategic focus over the next two to three years. The firm emphasizes its dedication to user safety, affirming that it will keep boosting compliance investments to provide a secure and trustworthy trading environment for its global clientele.
Integrated Financial Services
BiyaPay aims to offer users an integrated suite of financial services that includes international remittances, stock trading between the US and Hong Kong, cryptocurrency trading, and asset management, all while emphasizing security and convenience in compliance with international regulations.
