Hong Kong moves forward in becoming crypto hub with new exchange approvals
The post Hong Kong moves forward in becoming crypto hub with new exchange approvals appeared on BitcoinEthereumNews.com.
Hong Kong Securities and Futures Commission (SFC) has approved licenses for four virtual assets trading platforms (VATP) under its swift licensing process. The regulator announced this today, noting that it issued the license after completing on-site inspection of the firms. According to the announcement, the four platforms approved as deemed to be licensed are Accumulus GBA Technology Co Ltd, DFX Labs Co Ltd, Hong Kong Digital Assets EX Ltd, and Thousand Whales Technology Ltd. With these firms scaling the first hurdle in the application process, they can start operating within a restricted scope. However, the exchanges still have to complete rectification actions based on the inspection and pass the vulnerability assessment and penetration test. The Director of Intermediaries at SFC, Dr Eric Yip, noted that the new approach seeks to expedite approving digital assets platforms in the city without compromising standards. Hong Kong has been trying to position itself as a crypto hub over the past few years. Yip said: “We aim to strike a balance between safeguarding the interests of investors and facilitating continuous development for the virtual asset ecosystem in Hong Kong.” With the approval of these four firms, there are now seven licensed crypto exchanges in Hong Kong, including OSL, HKVAX, and HashKey, which got their approval earlier this year. Although some applications are still waiting for approval, the complexity of the process has already led several major exchanges, including OKX, to pull out. This is likely why the Hong Kong SFC is embracing the swift licensing process. Exchanges still need to pass the second phase to get a full license Meanwhile, the four exchanges still need to pass the second stage before obtaining their full license. To aid this process, SFC has amended the circular on the licensing for crypto exchanges by revamping the second phase.…
Filed under: News - @ December 18, 2024 8:29 pm