Bixin Applies for Crypto Exchange License With Hong Kong SFC
Virtual asset trading platform Bixin has submitted an application for a virtual asset trading platform license with the Hong Kong Securities Futures Commission (SFC). This comes as part of increased regulatory efforts in Hong Kong following the JPEX scandal. So far, 13 crypto firms have applied for a similar license with the Hong Kong regulator.
Other Applicants for the License
In addition to Bixin, several other companies have also applied for the crypto exchange license in Hong Kong. These include OKX Hong Kong, Hong Kong Virtual Asset Exchange Limited, and Meex Digital Securities Limited. Currently, OSL and HashKey are the only two licensed crypto exchanges in Hong Kong.
Hong Kong Plans to Amend Regulations
The Deputy Secretary for Financial Services and the Treasury, Chan Ho-Lin, announced plans to amend regulations to include over-the-counter (OTC) trades of virtual assets. This move aims to provide a transparent and predictable regulatory environment while effectively managing and mitigating risks associated with virtual assets.
Hot Take: Hong Kong’s Crypto Regulation Efforts
Hong Kong is stepping up its regulatory efforts in the crypto industry by requiring virtual asset trading platforms to obtain licenses. The recent application by Bixin is part of this trend, as more companies seek approval from the Hong Kong Securities Futures Commission. These measures aim to create a safer environment for investors and prevent fraudulent activities. Additionally, plans to include OTC trades in the regulations demonstrate the government’s commitment to fostering growth in the virtual asset sector while ensuring proper oversight. Overall, these regulatory developments indicate that Hong Kong is taking significant steps towards becoming a leading hub for cryptocurrencies.
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