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Race for Crypto Licenses Heats Up: Hong Kong Promises More Approvals Soon

Race For Crypto Licenses Heats Up: Hong Kong Promises More Approvals Soon

Samuel Edyme
by Samuel Edyme
11 months ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Hong Kong’s Securities and Futures Commission (SFC) has announced plans to issue more licenses for crypto asset exchanges by the end of 2024.

This decision comes after a five-month evaluation period, during which only three platforms received full licenses and 11 held provisional licenses, raising initial concerns about the possibility of further approvals.

Related Reading: Will Japan Launch Bitcoin And Ethereum Crypto ETFs? Key Industry Group Pushes for Approval

Hong Kong Promoting a Crypto-Friendly Environment

During Hong Kong’s annual Fintech Week event, Eric Yip, the executive director of intermediaries at the SFC, revealed that the regulatory body intends to publish a final list of licensed exchanges by year-end.

This move signals a pivotal step in the city’s ambition to establish itself as a digital asset hub in Asia. Notably, Hong Kong has been actively working to revamp its appeal as a financial center, especially following recent political challenges.

The city’s ambition to promote a crypto-friendly environment has been met with interest and caution, as regulatory concerns have slowed the licensing process for new crypto exchanges.

Yip noted that most applicants have responded to the SFC’s feedback by committing to improvements in their operational practices, including implementing regulatory changes to support investor protection and promote transparency in the digital asset space. In his words:

The applicants and their controllers have by and large taken up our feedback, and they are willing to commit resources to rectify issues and take a long-term view in developing their business in a regulated environment.

Path to Licensing and Regulatory Developments

Once these exchanges meet the SFC’s requirements, they will be granted licenses to operate with certain restrictions. These exchanges are expected to undergo a third-party review in collaboration with the SFC before the restrictions are lifted, according to Yip.

The final licensing phase aims to ensure that the exchanges meet stringent regulatory standards, addressing previously identified shortcomings in their operational practices.

A consultative panel will be formed by early 2025, consisting of authorized exchanges and the SFC. This panel will promote closer regulatory cooperation and provide an avenue for ongoing dialogue between exchanges and regulators.

In addition to licensing efforts, Hong Kong is developing a regulatory framework targeting over-the-counter (OTC) crypto trading platforms and custodians. This framework seeks to create a “safer and more regulated environment” for institutional investors and retail users.

Related Reading: Blockchain Takes Center Stage At 2024 Global Data Ecosystem Conference In Shanghai

Yip highlighted the importance of structured regulations in maintaining Hong Kong’s position as a competitive financial center, particularly as the region continues to attract a rising number of digital asset businesses looking for regulatory clarity and stability.

 Crypto TOTAL Market Cap on TradingView.com
The global digital currency market cap value on the 1-day chart. Source: Crypto TOTAL Market Cap on TradingView.com

Featured image created with DALL-E, Chart from TradingView

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Samuel Edyme

Samuel Edyme

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Edyme is a writer, a content writer that specialises in writing about the crypto realm. Asides Bitcoinist and NewsBTC, Edyme's writing has been featured in top sites such as Blockchain.News, CoinMonk, Blockchain Reporter, Bitcoin Insider among others.

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