Hong Kong sets deadline for crypto exchange licensing applications or face shutdown News ▸ Hong Kong ▸ OKX ▸ Bitcoin ▸ Regulation
Hong Kong sets deadline for crypto exchange licensing applications or face shutdown
Hong Kong has licensed only two crypto trading platforms for traders in its region.
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Updated: Feb. 5, 2024 at 11:31 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Hong Kong’s Securities and Futures Commission (SFC) told unregistered Virtual Asset Trading Platforms (VATPs) within its region to submit their licensing applications by Feb. 29 or close their businesses by May 31, according to a Feb. 5 notice.
The financial regulatory authority reaffirmed this deadline for cryptocurrency trading firms while advising investors to engage with licensed platforms in the region. As outlined by the SFC, crypto traders can verify the regulatory standing of these platforms by March 1 via its “List of licensed virtual asset trading platforms” or on the “List of virtual asset trading platform applicants.”
“Investors should check the regulatory status of a VATP from time to time and in any event on 1 March 2024. This is because VATPs operating in Hong Kong which have not submitted their licence applications to the SFC by 29 February 2024 MUST close down their businesses in Hong Kong by 31 May 2024 pursuant to the transitional arrangements under the SFC’s regulatory regime for VATPs,” SFC added.
Last year, Hong Kong initiated its cryptocurrency licensing framework for virtual asset trading platforms, paving the way for licensed exchanges to provide retail trading services. Notably, the city-state has licensed two platforms, including HashKey and OSL.
Meanwhile, the regulatory authority diligently scrutinized applications from 14 crypto entities, including OKX, Bybit, and HKVAEX. The SFC emphasized that the application process does not guarantee approval, cautioning investors to exercise prudence when engaging with these platforms.
These initiatives reflect Hong Kong’s commitment to fostering a pro-crypto environment. Recently, the Financial Services and the Treasury Bureau (FSTB) and the Hong Kong Monetary Authority (HKMA) unveiled a comprehensive regulatory framework for stablecoins. Additionally, authorities have expressed preparedness for spot Bitcoin exchange-traded fund (ETF) products, further solidifying Hong Kong’s stance in the evolving crypto landscape.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
OKX
OKX is a world-leading digital asset exchange, providing advanced financial services to global traders by using blockchain technology.
Hashkey Capital
HashKey Capital is an institutional asset manager investing solely in blockchain technology and digital assets.
Bybit
Bybit is a cryptocurrency derivative trading platform established in March 2018 and registered in the BVI.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.