The SFC plans to approve more cryptocurrency exchanges in Hong Kong by the end of 2024.
Despite efforts to attract major players, OKX and Bybit withdrew their applications.
The Hong Kong Securities and Futures Commission (SFC) plans
to approve more cryptocurrency exchanges by the end of the year, according to
CEO Julia Leung.
Speaking to local outlet HK01 on October 6, Leung noted that
11 platforms seeking licenses have undergone on-site reviews. She expects
further progress in their applications before 2024 ends.
This follows the approval of the local exchange HKVAX, which
aims to launch in Q4 2024. It is the third exchange to gain regulatory approval
in Hong Kong. It joins HashKey and OSL, which upgraded their previous licenses.
Bullish, the parent company of CoinDesk, has also applied for a license.
Hong Kong's Crypto Uncertainty Grows
The total number of applicants remains unclear. The SFC’s
website lists either 11 or 16 platforms under the new licensing rule. The
approval process has faced criticism for being too strict, which some argue
could delay Hong Kong’s goal of becoming a crypto and web3 hub.
In August, reports highlighted “unsatisfactory practices” at
some exchanges, such as limited executive oversight of client assets and weak
cybercrime defenses. Despite an invitation for major players like Coinbase to
set up in Hong Kong, companies
such as OKX and Bybit withdrew their applications in May.
The South China
Morning Post reported that this may have been due to SFC requirements
preventing mainland Chinese residents from accessing their services.
JPEX Collapse Prompts Regulatory Changes
The SFC has also been criticized for its handling of rogue
exchanges. Last year, the
collapse of JPEX led to over 2,600 Hong Kong residents losing around $200
million. This incident prompted the SFC to publish lists of licensed and
suspicious platforms to increase transparency, as reported by Finance Magnates.
The commission is now exploring regulations for
over-the-counter crypto trading and custody services, with industry input
being sought.
The Hong Kong Securities and Futures Commission (SFC) plans
to approve more cryptocurrency exchanges by the end of the year, according to
CEO Julia Leung.
Speaking to local outlet HK01 on October 6, Leung noted that
11 platforms seeking licenses have undergone on-site reviews. She expects
further progress in their applications before 2024 ends.
This follows the approval of the local exchange HKVAX, which
aims to launch in Q4 2024. It is the third exchange to gain regulatory approval
in Hong Kong. It joins HashKey and OSL, which upgraded their previous licenses.
Bullish, the parent company of CoinDesk, has also applied for a license.
Hong Kong's Crypto Uncertainty Grows
The total number of applicants remains unclear. The SFC’s
website lists either 11 or 16 platforms under the new licensing rule. The
approval process has faced criticism for being too strict, which some argue
could delay Hong Kong’s goal of becoming a crypto and web3 hub.
In August, reports highlighted “unsatisfactory practices” at
some exchanges, such as limited executive oversight of client assets and weak
cybercrime defenses. Despite an invitation for major players like Coinbase to
set up in Hong Kong, companies
such as OKX and Bybit withdrew their applications in May.
The South China
Morning Post reported that this may have been due to SFC requirements
preventing mainland Chinese residents from accessing their services.
JPEX Collapse Prompts Regulatory Changes
The SFC has also been criticized for its handling of rogue
exchanges. Last year, the
collapse of JPEX led to over 2,600 Hong Kong residents losing around $200
million. This incident prompted the SFC to publish lists of licensed and
suspicious platforms to increase transparency, as reported by Finance Magnates.
The commission is now exploring regulations for
over-the-counter crypto trading and custody services, with industry input
being sought.
Kraken's 24/7 Derivatives Platform in Bermuda Obtains Regulatory Approval
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams.
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The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams.
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Relive the best moments from the Finance Magnates Pacific Summit 2024 with our highlights video! ✨
From action-packed moments, insightful speaker sessions, the exclusive Opening Blitz, and immersive workshops, this video captures the energy and excitement of FMPS:24. Whether you attended or missed out, here’s your chance to experience the top moments that made FMPS:24 unforgettable.
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Don't miss out on our latest videos, interviews, and event coverage.
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Relive the best moments from the Finance Magnates Pacific Summit 2024 with our highlights video! ✨
From action-packed moments, insightful speaker sessions, the exclusive Opening Blitz, and immersive workshops, this video captures the energy and excitement of FMPS:24. Whether you attended or missed out, here’s your chance to experience the top moments that made FMPS:24 unforgettable.
🎬 Watch, share, and join the conversation!
Don’t forget to use the hashtags #fmps #fmps24 #FMevents when sharing.
Stay tuned for more events. See you next time!
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