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Hong Kong Approves Four New Crypto Exchanges, Strengthening Bid as Crypto Hub
In a significant move to further solidify its position as a leading global crypto hub, the Hong Kong Securities and Futures Commission (SFC) has recently granted provisional licenses to four new virtual asset trading platforms (VATPs). This decision brings the total number of licensed exchanges in the city to seven, marking another milestone in the government’s efforts to promote innovation while ensuring investor protection.
The newly approved exchanges, Accumulus GBA Technology Co Ltd, DFX Labs Co Ltd, Hong Kong Digital Assets EX Ltd, and Thousand Whales Technology Ltd, have been given permission to operate under a restricted scope pending the completion of additional regulatory requirements. This initial approval is a crucial step towards allowing these platforms to begin conducting business within the city.
The swift licensing process, introduced by the SFC, has been designed to balance fostering innovation in the crypto space with maintaining investor protection. The streamlined approach enables virtual asset trading platforms to start operations quickly while ensuring that they meet the necessary regulatory standards.
Although these exchanges have received provisional approval, they still need to clear a second phase of regulatory hurdles before obtaining full licensing. This stage will involve a more direct engagement between regulators and senior management from each exchange, as well as the involvement of a certified public accountant to verify compliance with regulatory guidelines.
The approvals signal Hong Kong’s ongoing efforts to expand its crypto market and enhance regulatory clarity. Since introducing the swift licensing process, the city has already seen approvals for other platforms such as OSL, HKVAX, and HashKey earlier this year. However, some major exchanges, including OKX, have decided to withdraw from the market due to the complexity of the licensing process.
Despite these challenges, the SFC’s approach remains a significant draw for crypto businesses, making Hong Kong an increasingly attractive destination for such ventures.
Source: www.crypto-news.net
