Crypto.com Seeks Hong Kong License Amid Regulatory Crackdown
As the cryptocurrency market in Asia continues to thrive, Crypto.com, a US-based crypto exchange, has officially applied for a license from the Hong Kong Securities and Futures Commission (SFC). The move comes as Hong Kong prepares for stricter regulations in the crypto industry, and Crypto.com is taking steps to ensure compliance.
Hong Kong SFC’s Regulations and Application Deadline
According to the SFC’s official website, Crypto.com submitted its application on February 9. This aligns with the SFC’s efforts to enhance investor protection and establish Hong Kong as a leading crypto hub. Crypto.com is among 17 contenders seeking regulatory approval, including major players like Bybit, Bullish, OKX, and VAEX. The deadline for virtual asset trading platform (VATP) license applications is February 29th, after which unlicensed exchanges may face closure by May 31st.
The Stance of Hong Kong SFC on Crypto Regulation
The SFC is determined to shut down unlicensed exchanges operating within Hong Kong’s jurisdiction. To protect investors, the regulatory authority advises individuals to verify the licensing status of their chosen platforms and consider migrating accounts to licensed counterparts before May 31st. However, even submitting an application does not guarantee approval. The fate of Crypto.com’s bid, along with others awaiting review, remains uncertain, creating anticipation in Hong Kong’s crypto landscape.
Implications for the Broader Crypto Ecosystem
The outcome of Crypto.com’s application will have implications for the wider crypto ecosystem in Asia and beyond. Industry stakeholders are closely monitoring developments as they await further updates.
By
By
By
By
By