Hong Kong’s Securities and Futures Commission (SFC) reportedly says nearly a dozen crypto exchanges are on the verge of getting their trading licenses approved.
The SFC’s website showed on June 1 that the 11 applicants, including Singapore-based Crypto.com and Hong Kong-based Bullish, “are considered to be licensed,” according to a Bloomberg report.
Hong Kong introduced new regulations for digital asset exchanges last year and set a June 1 deadline for crypto exchanges to obtain a virtual trading platform license or “deemed to be licensed” status. SFC’s website shows that there are currently two fully licensed crypto exchanges in the Special Administrative Region (SAR) – HashKey Exchange and OSL Group.
Bloomberg goes on to say that only licensed platforms, or platforms deemed to be licensed, will be allowed to operate in Hong Kong. The actual licenses will ultimately be issued by the SFC to digital asset trading platforms that demonstrate consistent compliance.
Last month, crypto exchange OKX announced that it had withdrawn its application for a virtual asset trading platform license and would stop operating in the SAR.
In late February, HTX, the crypto exchange associated with Tron (TRX) founder Justin Sun and formerly known as Huobi, announced that it had withdrawn its application for a virtual asset trading platform license in Hong Kong. HTX later reapplied before the application was withdrawn again. Another crypto exchange that has withdrawn its application for the virtual asset trading platform license in Hong Kong is Bybit.
Binance, Coinbase Global and Kraken have not submitted a license application.
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Generated image: Midjourney