Hong Kong Accelerates Licensing for Crypto Exchanges With New Approvals

Hong Kong’s Securities and Futures Fee (SFC) has granted licenses to 4 further cryptocurrency exchanges.

The newly licensed exchanges—HKbitEX, Accumulus, DFX Labs and EX.IO—acquired approval beneath the SFC’s expedited licensing course of, which was designed to streamline operations for digital asset buying and selling platforms (VATPs).

The SFC’s resolution comes after the exchanges addressed suggestions acquired throughout on-site inspections.

This transfer follows the sooner issuance of licenses to a few different platforms—OSL, HashKey and HKVAX—highlighting the regulator’s ongoing efforts to boost the licensing framework for crypto corporations.

In June 2023, Hong Kong formally launched its crypto licensing regime, which permits licensed exchanges to supply retail buying and selling companies. The SFC has emphasised its dedication to accelerating the licensing course of.

In a associated announcement, the SFC outlined new particulars concerning its revamped licensing course of. This consists of rigorous assessments of candidates’ platform insurance policies, procedures, techniques, and controls, which have to be licensed by a certified public accountant.

The SFC will oversee the second-phase evaluation in collaboration with VATPs and their exterior assessors, with the opportunity of increasing their enterprise scope upon profitable completion.

Moreover, Joseph Chan, Performing Secretary for Monetary Companies and the Treasury, revealed plans to ascertain a consultative panel for licensed crypto buying and selling platforms, anticipated to start operations early subsequent yr. This initiative displays Hong Kong’s proactive method to fostering a regulated setting for the burgeoning cryptocurrency business.

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