SCEX passed the first round of application review
SCEX stated that the company has passed the first round of evaluation for its application to participate in the cryptocurrency market pilot program. However, this is not an official operating license.
What does SCEX say about the application process?
On its official website, SCEX announced that the company has passed the first round of evaluation for its pilot program.
Information about SCEX also appeared in the group of businesses whose dossiers were fully and validly evaluated to continue the review process under the pilot mechanism.
This is a significant procedural milestone, but a clear distinction needs to be made between the different legal states.
Passing the evaluation round does not automatically mean you will be granted a license.
A business with a complete application or that passes a review process may still be required to meet further requirements regarding capital, shareholders, personnel, technology, custody, risk management, system security, and other conditions as stipulated by regulations.
SCEX still clearly states on its website:
SCEX is in the process of preparing the necessary documents and infrastructure to apply for a license to provide cryptocurrency trading services.
Therefore, uses the “in the process of applying for a license” status for SCEX until further notice from the competent authority.
This is also the principle applies to other domestic exchange applications: a valid application, approval in principle, and official license are different statuses.（Vietnam Crypto Exchange）