Hong Kong’s Securities and Futures Commission (SFC) reportedly stated that nearly a dozen cryptocurrency exchanges are on the verge of receiving approval for their trading licenses. According to a Bloomberg report, the SFC’s website displayed on June 1st that 11 applicants, including Crypto.com based in Singapore and Bullish based in Hong Kong, are “deemed to be licensed.”
Last year, Hong Kong introduced new regulations for digital asset exchanges and set a deadline of June 1st for crypto exchanges to obtain a virtual asset trading platform license or be considered “deemed to be licensed.” The SFC’s website currently shows that there are two fully licensed crypto exchanges in the special administrative region (SAR) – HashKey Exchange and OSL Group.
Bloomberg further explains that only licensed platforms or those considered “deemed to be licensed” will be allowed to operate in Hong Kong. The SFC will ultimately issue permits to digital asset trading platforms that consistently demonstrate compliance.
In the previous month, OKX crypto exchange announced that it had withdrawn its application for a virtual asset trading platform license and would cease operations in SAR. In late February, HTX, the crypto exchange associated with Tron (TRX) founder Justin Sun and formerly known as Huobi, also announced the withdrawal of its application for a virtual asset trading platform license in Hong Kong. HTX later reapplied but withdrew the application again. Another crypto exchange, Bybit, also withdrew its application for Hong Kong’s virtual asset trading platform license.
Binance, Coinbase Global, and Kraken did not submit applications for a license.
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