Crypto.com Seeks License to Operate in Hong Kong
Crypto.com, a US-based cryptocurrency exchange, has submitted an application to the Hong Kong Securities and Futures Commission (SFC) to operate as a virtual asset trading platform (VATP). This brings the total number of applicants to 17, including Bybit, Bullish, OKX, and VAEX.
Crypto Exchanges Must Apply for License or Face Closure
The SFC has set a deadline of February 29th for exchanges to apply for a license or potentially face closure by May 31st. Currently, only OSL and HashKey Exchange have been approved to serve retail investors in Hong Kong. The SFC is determined to shut down unlicensed exchanges and urges investors to verify if their chosen platform has applied for a VATP license before the deadline.
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Uncertainty Surrounding Approval
While Crypto.com’s application shows industry interest in the Asian market, there is no guarantee of approval even after applying for a license. The fate of Crypto.com’s application, along with others in the queue, remains uncertain.
