Crypto.com Among 11 Digital Asset Exchanges on the Verge of Getting Licensed in Hong Kong: Report

By The Daily Hodl June 05, 2024 In Exchanges, Trading

Hong Kong’s Securities and Futures Commission (SFC) reportedly says that nearly a dozen crypto exchanges are on the cusp of getting their trading licenses approved.

The SFC’s website showed on June 1st that the 11 applicants, including the Singapore-based Crypto.com and the Hong Kong-based Bullish, are “deemed to be licensed,” according to a Bloomberg report.

Hong Kong introduced new digital asset exchange regulations last year and set a June 1st deadline for crypto exchanges to obtain a virtual asset trading platform license or get the “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 further says that only licensed platforms, or those deemed to be licensed, will be allowed to operate in Hong Kong. Actual permits will eventually be issued by the SFC to digital asset trading platforms that demonstrate consistent compliance.

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Last month, the OKX crypto exchange announced that it had pulled its application for a virtual asset trading platform license and would cease operating in the SAR.

In late February, HTX, the crypto exchange associated with Tron (TRX) founder Justin Sun and which was formerly known as Huobi, announced that it had withdrawn its application for a virtual asset trading platform license in Hong Kong.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 withdrawing the application once more. Another crypto exchange that withdrew its application for Hong Kong’s virtual asset trading platform license is Bybit.

Binance, Coinbase Global and Kraken did not submit applications for a license.

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