Crypto Exchanges in Hong Kong on the Brink of Securing Licenses
Hong Kong’s Securities and Futures Commission (SFC) has indicated that nearly 11 cryptocurrency exchanges are nearing approval for their trading licenses. The SFC’s website unveiled on June 1st that 11 applicants, which include Crypto.com from Singapore and Bullish from Hong Kong, are on the verge of being granted licenses, as per a report by Bloomberg.
New Regulations and Licensing Deadline
- The new regulations for digital asset exchanges were introduced in Hong Kong last year.
- A deadline of June 1st was set for crypto exchanges to secure a virtual asset trading platform license or be deemed licensed.
- Two fully licensed exchanges currently exist in Hong Kong – HashKey Exchange and OSL Group.
Licensing Criteria and Compliance
Bloomberg’s report highlights that only licensed platforms or those deemed licensed will be permitted to operate in Hong Kong. The SFC will issue permits to digital asset trading platforms demonstrating consistent compliance with regulations.
Withdrawals and Absentees
- OKX crypto exchange recently withdrew its application and ceased operations in Hong Kong.
- HTX, associated with Tron founder Justin Sun, withdrew its virtual asset trading platform license application.
- Bybit also retracted its application for a license in Hong Kong.
- Major players like Binance, Coinbase Global, and Kraken did not apply for licenses.
Hot Take: Licensing Expansion in Hong Kong Crypto Space
The crypto industry in Hong Kong is witnessing a significant push towards regulatory compliance and obtaining trading licenses. The imminent approval of licenses for 11 exchanges, including Crypto.com and Bullish, signals a growing acceptance of digital assets in the region. Compliance with regulations and obtaining official licenses are becoming crucial for crypto exchanges to operate in Hong Kong’s evolving market.
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The post Crypto.com Among 11 Digital Asset Exchanges on the Verge of Getting Licensed in Hong Kong: Report appeared first on The Daily Hodl.
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