Hong Kong Sees Surge in Crypto Exchange License Applications
Hong Kong has witnessed a surge in applications from 22 crypto firms seeking licenses to operate as crypto exchanges providing retail trading services.
Notable applicants include OKX, Bybit, Bullish, Crypto.com, Huobi HK, Matrixport HK, Gate.HK, and HKVAEX, a platform linked to Binance. The Securities and Futures Commission (SFC) received these applications before the February 29 deadline, aiming to strengthen Hong Kong’s position as a regional crypto hub. Under the city’s official licensing regime, two platforms, HashKey and OSL, have already received licenses.
Crypto platforms failing to apply risk cessation of business by the end of March. Meanwhile, the SFC is preparing to regulate stablecoin issuance, and the Hong Kong Monetary Authority plans to introduce a regulatory sandbox for stablecoin issuers. Financial Secretary Paul Chan announced these developments during the budget speech, highlighting the government’s intent to enhance cross-border payment efficiency through the expansion of the pilot scope of China’s central bank digital currency, e-CNY.
Clever Robot News Desk 3rd March 2024
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