Hong Kong to Expand Licensing for Crypto Exchanges by Year-End

Hong Kong’s Securities and Futures Fee (SFC) is ready to challenge extra licenses for crypto exchanges and digital asset companies by the tip of yr.

Hong Kong’s Securities and Futures Fee (SFC) is ready to challenge extra licenses for crypto exchanges and digital asset companies by the tip of yr.

SFC CEO Julia Leung famous that the licensing course of would happen in “batches,” indicating a structured strategy to licensing the 11 companies at present on the SFC’s potential licensee checklist. Whereas a complete of 16 corporations are awaiting selections on their VATP purposes, 11 are functioning underneath a “deemed to be licensed” standing.

Nonetheless, the SFC has suggested merchants in opposition to partaking with these companies till official licenses are granted.

The urgency for strengthened laws follows a major incident involving the now-defunct Dubai-based change JPEX, which defrauded over 2,500 Hong Kong residents, resulting in a lack of roughly $165 million.

In response, the SFC has elevated efforts to manage the crypto sector and has shaped a process pressure with the police to deal with unlawful actions out there.

This replace on licensing comes shortly after HKVAX grew to become the third change to obtain official approval to function in Hong Kong, following OSL and HashKey.

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