- Hong Kong has obtained 22 functions for licenses from crypto corporations resembling OKX and Bybit to function as digital asset exchanges.
- Whereas Hong Kong closed functions on February 29, main gamers resembling Coinbase, Binance and Kraken didn’t enroll.
- The SFC says unlicensed crypto exchanges must be closed by the top of Could 2024.
Hong Kong reportedly introduced the top of accepting license functions from crypto corporations on February 29. Whereas Hong Kong obtained 22 functions from corporations resembling Bybit, OKX and Huobi to function as crypto exchanges, main gamers resembling Binance, Coinbase and Kraken failed. apply.
The Securities and Futures Fee (SFC) acknowledged that crypto exchanges that didn’t apply for a license by the deadline ought to shut their corporations by the top of Could 2024. As well as, the regulators reminded traders and merchants emigrate to licensed platforms. In a be aware, the SFC warned,
Digital asset buying and selling platforms working in Hong Kong that haven’t submitted their license functions to the SFC by 29 February 2024 should stop their enterprise in Hong Kong by 31 Could 2024. Buyers utilizing these platforms ought to put together in time.
Angela Ang, senior coverage advisor at blockchain intelligence agency TRM Labs, described Hong Kong’s crypto trade licensing as a “litmus check.” she quoted
The app record is a litmus check for business sentiment. It is a good signal to see various well-known gamers within the combine. What Hong Kong actually wants is various dedicated and massive gamers to solidify its ecosystem.
Regardless of China’s anti-crypto stance, Hong Kong aspires to change into a crypto hub. The SFC’s cryptocurrency regulation coverage and present licensing scheme are central to Hong Kong’s imaginative and prescient of a full-fledged crypto market.
In current information, Hong Kong has initiated restrictions on OTC (over-the-counter) suppliers suspected of facilitating unlawful cryptocurrency buying and selling. Whereas the Monetary Companies and Treasury Bureau have begun to research these platforms, they’ve centered on implementing strict guidelines to stop cash laundering, terrorist financing and fraud.
Disclaimer: The knowledge supplied on this article is for informational and academic functions solely. This text doesn’t represent monetary recommendation or recommendation of any form. Coin Version shall not be answerable for any losses incurred because of using mentioned content material, services or products. Readers are suggested to train warning earlier than taking any motion associated to the Firm.
