Gate OKX Bitget Applies for Licenses in Hong Kong

February 21, 2023 at 11:02 AM GST updated: February 22, 2023 at 07:19 AM 2 mins read Exchange News

OKX is actively working toward the acquisition of a cryptocurrency exchange license in Hong Kong.
It is not known how many exchanges will be granted the license.
Huobi announced that it is applying for license operations in Hong Kong.

The efforts of Hong Kong’s government to regulate cryptocurrency exchanges are being stepped up. The Securities and Futures Commission (SFC) presented a newly drafted regulatory framework on November 6th, 2019, which will allow the securities watchdog to issue licenses to cryptocurrency trading platforms.

OKX has recently announced that the company is actively working toward the acquisition of a cryptocurrency exchange license in the Hong Kong region. At this point, every single platform for exchanging cryptocurrency has expressed an interest in obtaining a business license from the city authorities.

It is not known, however, how many of these exchanges will eventually be granted the license, whether or not it will be accessible to retail investors, or how many tokens will be made available.

Gate OKX Bitget and others have indicated that they are applying for licenses of Hong Kong compliance exchanges. Almost all cryptocurrency exchanges have stated that they will apply. But How many will be approved in the end, whether it will be opened to retail investors, and how… https://t.co/imcE4h8599
— Wu Blockchain (@WuBlockchain) February 21, 2023

Huobi, a Seychelles-based cryptocurrency exchange, recently made headlines when it announced plans to apply for a cryptocurrency trading license in Hong Kong. With the new license, Huobi will be able to offer a wider variety of cryptocurrency trading and investment services to customers in Hong Kong.

Big news for crypto today: @HuobiGlobal has announced that it's applying for a crypto trading license in Hong Kong🇭🇰! This is a major step for the major cryptocurrency exchange and a sign of its continued commitment to operating in a compliant and regulated manner. 🇨🇳
— H.E. Justin Sun 孙宇晨 (@justinsuntron) February 20, 2023

With such regulations taking place within Hong Kong city, as well as the fact that this is a good sign as it shows that the city is ready to regulate cryptocurrency and that these cryptocurrency exchange platforms are ready to follow regulatory guidelines, it is important to note that this is a positive sign.

However as crypto investment gets more mainstream, and the everyday application and usage of virtual assets have been rapidly increasing, no doubt that a complete set of regulations of crypto assets is much needed.

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