Hong Kong’s Crypto License Scheme Sees 24 Applicants, Far Fewer Than Singapore’s 70
The deadline for virtual asset trading platform (VATP) crypto license applications in Hong Kong has passed , with the number of applicants reaching 24, a significantly lower figure than the 70 applicants seen in a similar scheme in Singapore.
At least five cryptocurrency firms submitted their applications in the final days leading up to the February 29 deadline, per a report from the South China Morning Post .
Cryptocurrency exchanges that have not yet applied must exit the Hong Kong market by May 31.
The Securities and Futures Commission (SFC) will announce approved and declined applications on a public register by June 1, 2024.
After securing approval, virtual asset trading platforms can onboard new retail and institutional crypto investors and start marketing in Hong Kong.
Major crypto exchanges with ties to mainland China or Hong Kong, including industry giants, have either applied for licenses directly or through their affiliates.
HBGL Hong Kong, an affiliate of HTX (formerly Huobi Global), submitted an application twice for its Huobi HK platform, while HKVAEX, an affiliate of Binance, applied in April .
OKX, another prominent exchange founded in China, submitted its application back in November.
Currently, OSL and HashKey are the only licensed exchanges serving retail investors.
Besides the list of crypto exchanges being considered for approval, the SFC also released a list of those whose applications have either been withdrawn or outrightly rejected by the agency.
The list includes Ammbr HK Limited, BitHarbour HK Limited, Meex Digital Securities Limited, and HBGL HK Limited. Out of the four exchanges, only the Meex Digital Securities Limited application was rejected by the SFC.
The other three
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