Licensed Hong Kong Crypto Exchanges Will Be Boosted in 2024
Key Points: SFC plans to approve more Hong Kong crypto exchange licenses by the end of the year to enhance its status as a digital asset hub in Asia. The SFC ha...
Key Points:
- SFC plans to approve more Hong Kong crypto exchange licenses by the end of the year to enhance its status as a digital asset hub in Asia.
- The SFC has conducted on-site reviews of 11 applicants and aims to issue licenses in “batches” to improve compliance.
According to the Securities and Futures Commission, Hong Kong plans to expand its cryptocurrency market by licensing more crypto exchanges before the year ends.
Read more: Hong Kong Crypto Scam Robs 13 Investors Of HK$14.8 Million
Number of Licensed Hong Kong Crypto Exchanges to Increase
SFC CEO Julia Leung announced recently that on-site reviews have been conducted for 11 applicants, while HKVAX became the third exchange to secure regulatory approval last week. The SFC has never explained how many applications it received – press reports variously quote 11 and 16, although SFC officials reject the latter figure.
The call for more Hong Kong crypto exchange licenses comes after criticism that existing rules are too onerous, said to undermine the ambition of the territory to become a leading crypto and Web3 hub.
With more licensed exchanges, the SFC hopes to create an environment that will eventually attract more confidence among investors and International attention to space. The move also comes as part of the city’s longer-term ambition to establish itself as one of Asia’s major centres for digital assets.
Stricter Regulation in the Wake of the JPEX Fraud Scandal
Since 2018, Hong Kong has been attempting to market itself as a crypto-friendly jurisdiction. The SFC introduced a regulatory framework for crypto trading that focused on transparency and consumer protection. Further regulations in 2020 required Hong Kong crypto exchanges to register themselves with the SFC, thus moving into more structured trading of virtual assets.
The SFC roadmap up to 2026 also involves refreshing rules for crypto exchanges in Hong Kong, incentivizing RWA tokenization, and further studying blockchain technologies.
The licensing update comes after a $165 million fraud scandal involving the now-defunct Dubai-based crypto exchange JPEX. Over 2,500 HK residents claimed they were defrauded, adding more demand for increased regulatory oversight in the local crypto market.
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