News on licensing, exchange hubs, virtual asset rules, and the city’s evolving role in digital finance.
The company is establishing a new exchange called "BitHK" for Hong Kong users.
Mike Dalton 2 min read 
Amid a shortage of responsible officers (RO), the SFC has revised its requirements so that exchanges now need 2 ROs instead of 4.
Hong Kong's securities watchdog warns that licensed platforms cannot provide interest-bearing or lending services to customers.
According to the Hong Kong Police, reported cases of this type of online fraud increased by 92% in 2022 compared to the previous year.
Bitget said it would no longer provide services for Hong Kong users because of the new regulatory demands.
Hong Kong virtual bank ZA Bank said it provide crypto and fiat currency transfers and account services for virtual asset service providers.
Hong Kong has made several recent pro-crypto moves that have attracted more crypto-related firms to the region.
Licenses will be issued under Hong Kong's new crypto licensing regime, composed to support crypto firms looking to set up shop in the city.
The Hong Kong authorities said they were working on establishing a licensing regime for virtual asset service providers by June 2023.
