Hong Kong approves 4 new crypto trading platform licenses in regulatory push
Hong Kong approves 4 unique crypto trading platform licenses in regulatory push Hong Kong approves 4 unique crypto trading platform licenses in regulatory push
The licensed platforms have to meet rigorous standards and endure opinions to rating obvious compliance with global security practices.
Duvet art/illustration by strategy of CryptoSlate. Image involves blended yelp which can also encompass AI-generated yelp.
Hong Kong’s Securities and Futures Price (SFC) has issued licenses to four virtual asset trading platforms (VATPs), marking but any other step in its speedy-tracked regulatory framework, in line with a Dec. 18 statement.
The licensed platforms encompass Accumulus GBA Know-how Ltd, DFX Labs Firm Ltd, Hong Kong Digital Asset EX Restricted, and Thousand Whales Know-how (BVI) Ltd.
This brings the total series of licensed crypto trading platforms in the Asian city allowed to wait on retail clients to seven, including HashKey Community, OSL, and the Hong Kong Digital Asset Exchange (HKVAX).
Licensing regimes
The SFC acknowledged that the now no longer too long in the past licensed companies underwent rigorous on-fair inspections earlier this twelve months as piece of the pointers launched in June. The inspections identified areas for enchancment, which the companies addressed to discover their restricted licenses.
The licenses near with preliminary restrictions, but these will be lifted after the platforms scamper a 2d-piece evaluation by external evaluators. The system will be obvious the platforms meet the wanted regulatory standards for stout operational efficiency.
The SFC emphasised that the VATPs have to conduct vulnerability assessments and penetration assessments via self sustaining third events. These opinions are excessive to striking forward security and align with global worldwide standards.
The SFC’s Executive Director of Intermediaries, Eric Yip, acknowledged that the licensing course of fervent shut collaboration with the VATPs’ management teams. He highlighted the Price’s twin focal point on preserving merchants whereas fostering boost in Hong Kong’s virtual asset ecosystem.
Yip acknowledged:
“We aim to strike a steadiness between safeguarding the pursuits of merchants and facilitating continuous model for the virtual asset ecosystem in Hong Kong.”
Meanwhile, this model aligns with the SFC’s broader thought to boost the licensing of crypto companies by twelve months-end. In October, the regulator revealed that 11 further VATPs are below license consideration, with approvals expected to roll out in batches.
The SFC’s proactive design highlights Hong Kong’s commitment to changing into a global hub for virtual asset innovation whereas striking forward sturdy investor safeguards.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's likely. He imparts insights on a unfold of subject matters esteem DeFi, hacks, mining and culture, underlining transformative energy.
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Hashkey Capital
HashKey Capital is an institutional asset manager investing completely in blockchain technology and digital sources.
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