Hong Kong Regulator Announces Applicants for License Among Crypto Exchanges
Date: 2024-06-03 Author: Oliver Abernathy Categories: IN WORLD
The Securities and Futures Commission of Hong Kong (SFC) has presented a list of cryptocurrency exchanges applying for a license to legally operate in the region. The list included more than ten candidates, including such well-known companies as HKbitEX, PantherTrade and Crypto.com. The move is part of the SFC's efforts to establish stricter controls over the cryptocurrency market.
Candidates for License
According to the published document, the list of applicants for a license includes the following companies:
- HKbitEX
-VDX
- HKVAX
- PantherTrade
- Accumulus
- DFX Labs
- Bixin.com
- xWhale
- bitV
- YAX
- Bullish
- Crypto.com
- WhaleFin
- Matrixport HK
-HKX
- bitcoinworld
The SFC has clarified that the list will be updated regularly as new applications are received and the status of current applicants changes.
Potential Issues and Retracted Applications
Despite being included on the list, not all companies are guaranteed to receive a license. The SFC warns that applications may be rejected due to incompleteness or unresolved fundamental issues. Among the applicants who withdrew their applications were such well-known companies as OKX, Bybit, HTX and Binance.
Special Licensing Terms
Journalist Colin Wu revealed some details of the licensing process. According to him, the SFC requires applicants to guarantee that they will not serve users from mainland China located in any region of the world. This condition, according to some market participants, could cause the withdrawal of applications from several large exchanges.
Prohibition on Activities Without a License
On May 31, 2024, the SFC prohibited all activities of virtual asset providers that have not received a license. This decision aims to improve the transparency and security of the cryptocurrency market in Hong Kong.
Implementation of the Digital Yuan
In addition to regulating cryptocurrency exchanges, Hong Kong is actively promoting the implementation of the digital yuan. The regional authorities have launched a pilot project aimed at testing and introducing digital currency into the financial system.
As such, the SFC continues to take steps to create a transparent and safe cryptocurrency market in Hong Kong, ensuring strict controls over the activities of exchanges and supporting innovation in the financial sector.
