- Hong Kong has acquired 22 license functions from cryptocurrency firms similar to OKX and Bybit to function as digital asset exchanges.
- Hong Kong closed functions on February twenty ninth, however main firms similar to Coinbase, Binance, and Kraken have but to use.
- The SFC insists that unlicensed digital forex exchanges ought to be shut down by the top of Might 2024.
Hong Kong reportedly introduced on February 29 that it will now not settle for license functions from crypto firms. Hong Kong has acquired 22 functions to function as a cryptocurrency trade from firms similar to Bybit, OKX and Huobi, whereas main gamers similar to Binance, Coinbase and Kraken had been unable to obtain permission. Apply.
The Securities and Futures Fee (SFC) has argued that digital forex exchanges that don’t apply for a license by the deadline ought to shut down by the top of Might 2024. The regulator additionally known as on buyers and merchants to maneuver to licensed crypto exchanges. platform. In a memo, the SFC warned:
Digital asset buying and selling platforms working in Hong Kong should shut their operations in Hong Kong by Might 31, 2024 in the event that they haven’t submitted a license utility to the SFC by February 29, 2024. Traders utilizing these platforms ought to put together early.
Angela Ang, senior coverage advisor at blockchain intelligence agency TRM Labs, described Hong Kong’s crypto trade license as a “litmus check.” She quoted,
The applying record is a litmus check for business sentiment. It’s a good signal that many well-known gamers are taking part. What Hong Kong actually wants are many dedicated and large-scale gamers to assist its ecosystem.
Regardless of China's anti-crypto stance, Hong Kong aspires to ascertain a crypto hub. The SFC's crypto regulatory coverage and present licensing regime are crucial to Hong Kong's imaginative and prescient of a fully-fledged crypto market.
In latest information, Hong Kong has begun limiting over-the-counter (OTC) suppliers suspected of facilitating unlawful cryptocurrency transactions. The Division of Monetary Companies and Treasury launched investigations into these platforms, whereas specializing in setting up strict guidelines to stop cash laundering, terrorist financing and fraud.
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