Crypto News – As it works to become a regional hub for cryptocurrencies, Hong Kong has received applications from 22 crypto companies seeking licenses that would enable them to function as cryptocurrency exchanges providing retail trading services.
Hong Kong Crypto License in High Demand: 22 Applicants, Led by OKX and Bybit
Before the application deadline of February 29, 22 companies submitted applications to the city’s Securities and Futures Commission, including OKX, Bybit, Bullish, Crypto.com, Huobi HK, Matrixport HK, and Gate.HK, according to the SFC website. An additional cryptocurrency platform that applied was HKVAEX, which is purportedly connected to Binance.
Since formally launching the licensing process last year, Hong Kong has already given licenses to two platforms: HashKey and OSL. According to the SFC‘s website, cryptocurrency platforms that are active in Hong Kong and neglect to apply for licenses will have to close their doors by the end of March.
Hong Kong Prepares to Become Stablecoin Regulator
Hong Kong is preparing to control stablecoin issuance in addition to managing cryptocurrency trading platforms. In his budget statement on Wednesday, Hong Kong Monetary Authority financial secretary Paul Chan announced that the organization intends to launch a regulatory sandbox for stablecoin issuers soon. In order to improve cross-border payment efficiency, Chan said, the government also intends to broaden the e-CNY pilot program. e-CNY is China’s digital currency that is now undergoing testing.
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