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Hong Kong set to approve more crypto licenses by year-end

Hong Kong set to approve more crypto licenses by year-end

GrafaGrafa2024/10/07 10:40
By:Mahathir Bayena

The Hong Kong Securities and Futures Commission (SFC) plans to approve additional crypto exchange licenses in batches by the end of 2024, according to an interview with Julia Leung, the SFC’s chief executive, published by HK01 on Monday.  

This follows the recent approval of HKVAX, the third platform licensed under the city's new crypto trading regime.  

Leung stated that the SFC has already conducted the first round of onsite inspections for 11 platforms listed as “deemed-to-be-licensed” applicants.  

The regulator has asked these applicants to make necessary adjustments and expects to see further progress by year-end, including the issuance of licenses in batches.  

HKVAX, which specialises in security token offerings and real-world asset tokenisation, was granted a license last week.  

The firm also offers over-the-counter trading, exchange, and custody services.  

Anthony Ng, co-founder and CEO of HKVAX, commented, "Obtaining the license affirms HKVAX and demonstrates Hong Kong’s resolve to lead in the virtual asset industry."  

He added that this aligns with Hong Kong’s ambitions to strengthen its role as a financial hub and international asset management center.  

Hong Kong officially launched its crypto licensing regime in June 2023, allowing licensed exchanges to offer retail trading services.  

Despite this, some industry leaders have expressed concerns over the stringent regulations required to obtain a license.  

Duncan Chiu, a Hong Kong lawmaker, criticised the regulatory framework, claiming it has deterred major global exchanges from entering the Hong Kong market.  

Several global exchanges, including OKX, Gate.io, and HTX, have withdrawn their applications for a Hong Kong license.  

However, Bullish and Crypto.com remain among the list of applicants, signaling ongoing interest in the city’s crypto sector despite the regulatory challenges.  

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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