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Home»TRADING NEWS»Hong Kong witnesses see a surge in applications for cryptocurrency licenses
TRADING NEWS

Hong Kong witnesses see a surge in applications for cryptocurrency licenses

By Crypto FlexsFebruary 21, 20242 Mins Read
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Hong Kong witnesses see a surge in applications for cryptocurrency licenses
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The Hong Kong Securities and Futures Commission (SFC) has seen a significant increase in applications for cryptocurrency licenses since mid-November, with 18 exchanges including Huobi HK, Crypto.com, OKX, Bybit and DFX Labs seeking licenses for virtual asset trading platforms. 2023.

Growing interest in licensing

On February 20, Huobi HK joined the Hong Kong SFC’s list of applicants for a virtual asset trading platform license. This surge in applications reflects growing interest from local and global players seeking to gain a foothold in the Hong Kong cryptocurrency market.

Strict licensing requirements

Applicants for these licenses must undergo rigorous due diligence checks, including traditional financial audits that exceed Proof of Reserves (PoR) standards. Meeting these requirements will require significant investment, with Web3 companies spending up to $25 million to develop licensed applications.

Traditional brokerage firms enter the fray

Hong Kong’s clear regulatory framework has attracted the attention of traditional brokerages such as Tiger Brokers, which upgraded its Type 1 SFC license to include cryptocurrency trading in January. John Fei Zeng, CFO of Tiger Brokers, emphasized the importance of diversifying into cryptocurrencies as an emerging asset class.

Apply for Spot Bitcoin ​​ETF

In addition to the exchange license, Hong Kong also received its first application for a spot Bitcoin exchange-traded fund (ETF) from Harvest Hong Kong on January 26, signaling further developments in the region’s cryptocurrency landscape.

Insurance Requirements and Security Measures

To protect investors’ assets, cryptocurrency exchanges licensed in Hong Kong must maintain at least 50% insurance coverage. For example, OSL Exchange partnered with Canopius, a Lloyd’s of London insurer, to provide insurance coverage for 95% of users’ assets for two years.

Cryptocurrency adoption expected

With regulatory clarity and growing interest from both cryptocurrency companies and traditional financial institutions, Hong Kong is establishing itself as a hub for cryptocurrency innovation and investment, paving the way for broader adoption of digital assets in the region.

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