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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 trade. Notable candidates embrace Bybit,
OKX, and Crypto.com.
Among the many checklist of candidates had been Gate.io, HTX, and Bullish,
every boasting notable buying and selling volumes within the digital asset sphere. The
utility course of got here with a deadline of February twenty ninth, after which
platforms failing to submit should stop operations by the top of Could.
Angela Ang, Senior Coverage Adviser at Blockchain Intelligence Agency TRM Labs, Supply: LinkedIn
Notably absent from the applicant roster had been trade
giants like Binance,
Coinbase, and Kraken.
Business observers view the appliance pool as a litmus check for Hong Kong’s
enchantment as a digital-asset middle, significantly amidst intensifying competitors
from different jurisdictions. Town’s nine-month-old virtual-asset regulatory
framework prioritizes investor safety, probably introducing compliance
prices that might deter some companies.
“The appliance checklist is the litmus check for trade
sentiment,” stated Angela Ang, the Senior Coverage Adviser at Blockchain Intelligence
Agency TRM Labs. “It’s a very good signal to see quite a lot of well-known gamers within the
combine. What Hong Kong actually wants is quite a lot of dedicated, sizable gamers to
anchor its ecosystem.”
Ding Chen, the Head of Regulatory Affairs at Bullish,
acknowledged the fee implications of working a regulated enterprise, drawing
parallels with conventional monetary companies. Such issues 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 changing into a crypto hub in late 2022
displays an effort to undertaking a cutting-edge picture amid uncertainties in regards to the
metropolis’s future. Presently, HashKey Change and OSL Group are the one
approved digital-asset exchanges working in Hong Kong.
UPDATE: #HongKong declares it’ll now not settle for license purposes from #crypto exchanges as of Feb. 29. Noncompliant platforms will face imminent closure, marking a major 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 surroundings’s influence on enterprise building and
emphasised the necessity to assess related prices.
Regardless of Hong Kong’s attract as a crypto vacation spot, information
from Chainalysis
signifies that a good portion of crypto flows into town happens
by over-the-counter (OTC) trades fairly than digital-asset exchanges.
Regulators have initiated crackdowns on small outlets facilitating
cash-to-digital asset exchanges, signaling efforts to streamline oversight.
Hong
Kong is actively exploring rules for stablecoins and contemplating
the potential of permitting exchange-traded funds investing instantly in choose
cryptocurrencies. In a latest improvement, 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 trade. Notable candidates embrace Bybit,
OKX, and Crypto.com.
Among the many checklist of candidates had been Gate.io, HTX, and Bullish,
every boasting notable buying and selling volumes within the digital asset sphere. The
utility course of got here with a deadline of February twenty ninth, after which
platforms failing to submit should stop operations by the top of Could.
Angela Ang, Senior Coverage Adviser at Blockchain Intelligence Agency TRM Labs, Supply: LinkedIn
Notably absent from the applicant roster had been trade
giants like Binance,
Coinbase, and Kraken.
Business observers view the appliance pool as a litmus check for Hong Kong’s
enchantment as a digital-asset middle, significantly amidst intensifying competitors
from different jurisdictions. Town’s nine-month-old virtual-asset regulatory
framework prioritizes investor safety, probably introducing compliance
prices that might deter some companies.
“The appliance checklist is the litmus check for trade
sentiment,” stated Angela Ang, the Senior Coverage Adviser at Blockchain Intelligence
Agency TRM Labs. “It’s a very good signal to see quite a lot of well-known gamers within the
combine. What Hong Kong actually wants is quite a lot of dedicated, sizable gamers to
anchor its ecosystem.”
Ding Chen, the Head of Regulatory Affairs at Bullish,
acknowledged the fee implications of working a regulated enterprise, drawing
parallels with conventional monetary companies. Such issues 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 changing into a crypto hub in late 2022
displays an effort to undertaking a cutting-edge picture amid uncertainties in regards to the
metropolis’s future. Presently, HashKey Change and OSL Group are the one
approved digital-asset exchanges working in Hong Kong.
UPDATE: #HongKong declares it’ll now not settle for license purposes from #crypto exchanges as of Feb. 29. Noncompliant platforms will face imminent closure, marking a major 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 surroundings’s influence on enterprise building and
emphasised the necessity to assess related prices.
Regardless of Hong Kong’s attract as a crypto vacation spot, information
from Chainalysis
signifies that a good portion of crypto flows into town happens
by over-the-counter (OTC) trades fairly than digital-asset exchanges.
Regulators have initiated crackdowns on small outlets facilitating
cash-to-digital asset exchanges, signaling efforts to streamline oversight.
Hong
Kong is actively exploring rules for stablecoins and contemplating
the potential of permitting exchange-traded funds investing instantly in choose
cryptocurrencies. In a latest improvement, 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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