Hong Kong Trails Singapore In Crypto Licensing: Only 24 Applicants After Deadline
Summary
Hong Kong has received 24 applications for crypto exchange licenses, including Bybit and OKX, but major players like Binance and Coinbase are absent. The city's virtual asset rulebook prioritizes investor protection but comes with compliance costs. Hong Kong aims to become a regulated hub for the cryptocurrency industry, but faces competition from Singapore. OTC trading dominates crypto inflows in Hong Kong, with $64 billion entering through OTC channels last year. The government is exploring regulations for stablecoins and considering introducing cryptocurrency ETFs. Compliance costs pose challenges for companies operating in the regulated digital asset industry in Hong Kong.
