Hong Kong Accepts Crypto License Application After Deadline

2 min read | September 02, 2024 06:30 PM AEST | By Team Kalkine Media

Google News:

Hong Kong Accepts Crypto License Application After Deadline — Image source: shutterstock

Recent News

Telix Pharmaceuticals (ASX:TLX): Why Is Radiopharma Proof In Focus?

Woodside Energy (ASX:WDS): What Does Energy Momentum Show?

Xero (ASX:XRO): Why Is The Tech Trend Tested?

Lynas Rare Earths (ASX:LYC): What Makes The Chart Interesting?

Make Kalkine Media
My Trusted Source

Hong Kong Digital Asset Xchange (HKDAEx) submitted a license application to the Hong Kong Securities and Futures Commission (SFC), marking a significant step in its efforts to secure approval for operating as a digital asset exchange. Despite missing the May 31 deadline for applications,HKDAEx's submission has been accepted by the SFC, which will now review the application for completeness and any fundamental issues.

HKDAEx, a member of the Hong Kong Financial Asset Exchange Group, aims to enhance liquidity by connecting physical assets with digital assets. This approach is intended to elevate the value of physical assets and support the real economy.

The submission of HKDAEx’s application comes amidst Hong Kong’s stringent regulatory environment for digital asset trading platforms. As of June 1, operating an unlicensed virtual asset trading platform (VATP) in Hong Kong has become a criminal offense. While some platforms have received initial approvals, they remain under a short-term framework until they secure full licensing. Currently, only two platforms, OSL Digital Securities and Hash Blockchain, hold full licenses.

Several other firms, including {Crypto}, Bullish, and HKbitEX, among others, are still awaiting full operational licenses. The ongoing regulatory adjustments reflect Hong Kong’s commitment to a structured and compliant digital asset market.

Hong Kong is positioning itself as a global hub for cryptocurrency and digital assets. The city has been actively developing its infrastructure for digitalization and tokenization, aiming to attract businesses and foster innovation in financial technologies. According to the 2024 Henley Crypto Adoption Index, Hong Kong ranks second globally in cryptocurrency adoption, just behind Singapore. The city is noted for its strong economic factors and tax-friendly environment, which collectively support the growth of the cryptocurrency sector and demonstrate significant public interest.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.