Hong Kong set to expand crypto licensing by year-end amid push to become digital asset hub
Hong Kong self-discipline to expand crypto licensing by 365 days-end amid push to alter into digital asset hub Hong Kong self-discipline to expand crypto licensing by 365 days-end amid push to alter into digital asset hub
Hong Kong's regulatory push alings with its effort to cement self-discipline as digital asset hub.
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The Hong Kong Securities and Futures Price (SFC) is reportedly self-discipline to affirm extra licenses to crypto agencies by the 365 days’s end, native news outlet Hong Kong 01 reported on Oct. 7.
This follows the contemporary approval of HKVAX as the third licensed crypto change in the city.
‘Deemed to be licensed’
SFC CEO Julia Leung acknowledged that the agency plans to grant licenses in batches. This approach will enable extra crypto firms to progressively enter the market.
Leung mentioned that 11 Digital Asset Shopping and selling Platforms (VATPs) are currently on the regulator’s list of doable licensees. The SFC has carried out the first spherical of inspections and urged these firms to fabricate obligatory adjustments.
She burdened that the SFC is working to strengthen the regulatory framework for virtual sources. Leung also warned that firms failing to meet the obligatory requirements will be disqualified from the licensing direction of.
Leung said:
“Applicants who salvage not meet the requirements will lose their qualifications for licensing, whereas applicants who meet the requirements will be granted a license conditionally.”
Prolonged-term regulatory plans
Leung also outlined the SFC’s roadmap for 2024-2026 and said Hong Kong plans to come regulations for virtual asset platforms, promote the tokenization of mild sources, and explore regional blockchains and Web3 applied sciences. She also expects the regulatory framework to be finalized by subsequent 365 days.
On over-the-counter (OTC) crypto companies and products, Leung revealed that a brand new licensing machine has been launched for OTC custody companies and products. The initiative is looking out for feedback from alternate participants to beautiful-tune the come.
Analysts principal that these efforts are section of Hong Kong’s broader push to self-discipline itself as a digital asset hub. Whereas the situation’s optimistic regulations are designed to entice agencies, the strict rules â aimed at investor protection and combating money laundering â have created challenges for some world platforms, at the side of Binance.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's doable. He imparts insights on different topics love DeFi, hacks, mining and culture, underlining transformative energy.
Assad Jafri
AJ, a passionate journalist since Yemen's 2011 Arab Spring, has honed his abilities worldwide for over a decade. That focus on monetary journalism, he now focuses on crypto reporting.
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Binance
Binance is a world cryptocurrency change that affords a platform for getting and selling extra than 100 cryptocurrencies.
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