Hong Kong Gearing up to Approve More Cryptocurrency Exchange Licenses by Year End: SFC
The Hong Kong Securities and Futures Commission (SFC) plans to approve more cryptocurrency exchanges by year-end, with 11 platforms currently undergoing on-site reviews. Local exchange HKVAX recently received approval, becoming the third licensed exchange, joining HashKey and OSL. The SFC's licensing process has faced criticism for being overly strict, potentially hindering Hong Kong's ambition as a crypto hub. Some international firms, including OKX and Bybit, withdrew their applications, citing concerns over regulatory requirements. The SFC has been criticized for its handling of the JPEX collapse, which resulted in significant financial losses for investors. In response, the SFC has improved transparency by publishing lists of applicants and suspicious platforms. Additionally, the SFC is seeking industry feedback on licensing for cryptocurrency OTC and custody services.
