Twenty-4 firms have utilized for licenses to function
digital asset exchanges in Hong Kong, marking a transfer within the metropolis’s bid to
set up a regulated hub for the business. Notable candidates embrace Bybit,
OKX, and Crypto.com.
Among the many record of candidates had been Gate.io, HTX, and Bullish,
every boasting notable buying and selling volumes within the digital asset sphere. The
software course of got here with a deadline of February 29th, after which
platforms failing to submit should stop operations by the tip of Might.
Angela Ang, Senior Coverage Adviser at Blockchain Intelligence Agency TRM Labs, Supply: LinkedIn
Notably absent from the applicant roster had been business
giants like Binance,
Coinbase, and Kraken.
Business observers view the appliance pool as a litmus take a look at for Hong Kong’s
enchantment as a digital-asset middle, notably amidst intensifying competitors
from different jurisdictions. The town’s nine-month-old virtual-asset regulatory
framework prioritizes investor safety, probably introducing compliance
prices that would deter some companies.
“The appliance record is the litmus take a look at for business
sentiment,” stated Angela Ang, the Senior Coverage Adviser at Blockchain Intelligence
Agency TRM Labs. “It’s signal to see quite a few well-known gamers within the
combine. What Hong Kong actually wants is quite a few dedicated, sizable gamers to
anchor its ecosystem.”
Ding Chen, the Head of Regulatory Affairs at Bullish,
acknowledged the associated fee implications of working a regulated enterprise, drawing
parallels with conventional monetary providers. Such concerns are factored
into firms’ general methods as they navigate Hong Kong’s regulatory panorama.
Over-the-Counter Dominance: Crypto Flows Past Digital
Exchanges
Hong Kong’s pivot in direction of turning into a crypto hub in late 2022
displays an effort to venture a cutting-edge picture amid uncertainties concerning the
metropolis’s future. Presently, HashKey Alternate and OSL Group are the one
licensed digital-asset exchanges working in Hong Kong.
UPDATE: #HongKong declares it is going to now not settle for license purposes from #crypto exchanges as of Feb. 29. Noncompliant platforms will face imminent closure, marking a big shift within the area’s cryptocurrency regulatory panorama. #CryptoRegulation #HongKong pic.twitter.com/bVMmL17B1q
— Paweł Łaskarzewski (@PawelSynapse) February 29, 2024
Gary Tiu, the Head of Regulatory Affairs at OSL, highlighted the
evolving regulatory setting’s influence on enterprise building and
emphasised the necessity to assess related prices.
Regardless of Hong Kong’s attract as a crypto vacation spot, knowledge
from Chainalysis
signifies that a good portion of crypto flows into town happens
by over-the-counter (OTC) trades relatively than digital-asset exchanges.
Regulators have initiated crackdowns on small retailers facilitating
cash-to-digital asset exchanges, signaling efforts to streamline oversight.
Hong
Kong is actively exploring laws for stablecoins and contemplating
the potential for permitting exchange-traded funds investing instantly in choose
cryptocurrencies. In a current growth, the federal government bought $750 million of
digital inexperienced bonds utilizing HSBC Holdings’ tokenization platform, additional
underscoring town’s foray into digital finance.
Twenty-4 firms have utilized for licenses to function
digital asset exchanges in Hong Kong, marking a transfer within the metropolis’s bid to
set up a regulated hub for the business. Notable candidates embrace Bybit,
OKX, and Crypto.com.
Among the many record of candidates had been Gate.io, HTX, and Bullish,
every boasting notable buying and selling volumes within the digital asset sphere. The
software course of got here with a deadline of February 29th, after which
platforms failing to submit should stop operations by the tip of Might.
Angela Ang, Senior Coverage Adviser at Blockchain Intelligence Agency TRM Labs, Supply: LinkedIn
Notably absent from the applicant roster had been business
giants like Binance,
Coinbase, and Kraken.
Business observers view the appliance pool as a litmus take a look at for Hong Kong’s
enchantment as a digital-asset middle, notably amidst intensifying competitors
from different jurisdictions. The town’s nine-month-old virtual-asset regulatory
framework prioritizes investor safety, probably introducing compliance
prices that would deter some companies.
“The appliance record is the litmus take a look at for business
sentiment,” stated Angela Ang, the Senior Coverage Adviser at Blockchain Intelligence
Agency TRM Labs. “It’s signal to see quite a few well-known gamers within the
combine. What Hong Kong actually wants is quite a few dedicated, sizable gamers to
anchor its ecosystem.”
Ding Chen, the Head of Regulatory Affairs at Bullish,
acknowledged the associated fee implications of working a regulated enterprise, drawing
parallels with conventional monetary providers. Such concerns are factored
into firms’ general methods as they navigate Hong Kong’s regulatory panorama.
Over-the-Counter Dominance: Crypto Flows Past Digital
Exchanges
Hong Kong’s pivot in direction of turning into a crypto hub in late 2022
displays an effort to venture a cutting-edge picture amid uncertainties concerning the
metropolis’s future. Presently, HashKey Alternate and OSL Group are the one
licensed digital-asset exchanges working in Hong Kong.
UPDATE: #HongKong declares it is going to now not settle for license purposes from #crypto exchanges as of Feb. 29. Noncompliant platforms will face imminent closure, marking a big shift within the area’s cryptocurrency regulatory panorama. #CryptoRegulation #HongKong pic.twitter.com/bVMmL17B1q
— Paweł Łaskarzewski (@PawelSynapse) February 29, 2024
Gary Tiu, the Head of Regulatory Affairs at OSL, highlighted the
evolving regulatory setting’s influence on enterprise building and
emphasised the necessity to assess related prices.
Regardless of Hong Kong’s attract as a crypto vacation spot, knowledge
from Chainalysis
signifies that a good portion of crypto flows into town happens
by over-the-counter (OTC) trades relatively than digital-asset exchanges.
Regulators have initiated crackdowns on small retailers facilitating
cash-to-digital asset exchanges, signaling efforts to streamline oversight.
Hong
Kong is actively exploring laws for stablecoins and contemplating
the potential for permitting exchange-traded funds investing instantly in choose
cryptocurrencies. In a current growth, the federal government bought $750 million of
digital inexperienced bonds utilizing HSBC Holdings’ tokenization platform, additional
underscoring town’s foray into digital finance.
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