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Hong Kong Approves Four New Crypto Exchanges, Strengthening Bid as Crypto Hub
In a recent move aimed at solidifying its position as a global crypto hub, the Hong Kong Securities and Futures Commission (SFC) has granted provisional licenses to four new virtual asset trading platforms (VATPs), bringing the total number of licensed exchanges in the city to seven.
The newly approved firms – Accumulus GBA Technology Co Ltd, DFX Labs Co Ltd, Hong Kong Digital Assets EX Ltd, and Thousand Whales Technology Ltd – have been authorized to operate within a restricted scope while they work towards meeting additional regulatory requirements. However, these exchanges still need to clear a second phase of the licensing process before fully launching their services.
The SFC’s swift licensing approach is designed to accelerate approvals, addressing growing demand for clearer and more efficient crypto regulations in the region. By streamlining its approval process, Hong Kong aims to foster innovation within the crypto space while maintaining investor protection.
Despite the recent challenges faced by some major exchanges, such as OKX, which withdrew from the market due to regulatory complexity, Hong Kong’s swift licensing strategy is expected to make the city an attractive destination for crypto businesses.
Source: www.crypto-news.net
