Hong Kong has received license applications from 22 cryptocurrency companies to operate as cryptocurrency exchanges offering retail trading services. Hong Kong continues its efforts to become a regional cryptocurrency hub.
According to the SFC, the city’s Securities and Futures Commission received applications from 22 companies, including OKX, Bybit, Bullish, Crypto.com, Huobi HK, Matrixport HK and Gate.HK, before the application deadline of February 29. Website. Cryptocurrency platform HKVAEX According to reports Apps affiliated with Binance also submitted applications.
Hong Kong has already granted licenses to two platforms, HashKey and OSL, since officially launching its licensing regime last year. Cryptocurrency platforms operating in Hong Kong that fail to submit license applications will have to cease operations by the end of March, the SFC said on its website.
In addition to overseeing cryptocurrency trading platforms, Hong Kong is preparing to regulate stablecoin issuance. Hong Kong’s Finance Minister Paul Chan said in his budget speech on Wednesday that the Hong Kong Monetary Authority plans to introduce a regulatory sandbox for stablecoin issuers in the near future.
Last December, the Financial Services Authority, the Treasury and the HKMA began joint consultations until February 29 on the regulation of stablecoin issuers. They proposed that all stablecoin issuers referencing fiat currencies should obtain a license from the HKMA.
Chan added that the government also plans to expand the pilot scope of e-CNY, China’s central bank digital currency that is being tested to increase the efficiency of cross-border payments.
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