news 
Hong Kong Approves Four New Crypto Exchanges, Strengthening Bid as Crypto Hub
The Hong Kong Securities and Futures Commission (SFC) has granted provisional licenses to four new crypto exchanges, bringing the total number of licensed platforms in the city to seven. This significant milestone underscores Hong Kong’s commitment to fostering innovation in the cryptocurrency space while ensuring investor protection.
The approved entities include Accumulus GBA Technology Co Ltd, DFX Labs Co Ltd, Hong Kong Digital Assets EX Ltd, and Thousand Whales Technology Ltd. These exchanges will now be able to operate within a restricted scope as they work towards meeting additional regulatory requirements.
The swift licensing process, designed to speed up approvals while maintaining stringent standards, has been instrumental in attracting crypto firms to Hong Kong. By streamlining the application process, the SFC aims to balance promoting innovation with investor protection.
While these exchanges have passed the initial phase of the licensing process, they still need to clear a second phase before obtaining full licenses. This next stage will involve a more direct engagement between regulators and senior management, as well as an audit by a certified public accountant to verify that policies align with regulatory guidelines.
Hong Kong’s efforts to expand its crypto market and enhance regulatory clarity have already led to approvals for other platforms like OSL, HKVAX, and HashKey earlier this year. Despite some major exchanges, such as OKX, withdrawing from the market due to complexities in the licensing process, Hong Kong’s swift approach has made it an attractive destination for cryptocurrency businesses.
This development strengthens Hong Kong’s bid to become a global crypto hub, highlighting its commitment to creating a favorable environment for innovation and growth in the digital asset sector.
Source: www.crypto-news.net
