Hong Kong has issued a directive requiring all crypto exchanges with no license from the Securities and Futures Fee (SFC) to cease operations instantly.
Crypto exchanges have been instructed to use for a license by February 29 or shut down inside three months.
Over 22 exchanges pursued licensing, however many retracted their purposes simply earlier than the deadline.
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OKX, Huobi HK and 4 different crypto exchanges exited the Hong Kong market in Might.
Amongst them was additionally the native crypto trade Gate.HK, which ceased operations on Might 23 and allowed present clients to withdraw funds till August 28. Gate.HK cited the necessity for an in depth redesign of its buying and selling platform to align with Hong Kong’s regulatory necessities.
Gate.HK is actively engaged on the aforementioned overhaul. We plan to renew our enterprise in Hong Kong sooner or later and contribute to the digital asset ecosystem after acquiring the related licenses.
18 exchanges have submitted license purposes, and the SFC is predicted to announce authorised ones by June 1. Buyers can verify the checklist of authorised exchanges on SFC’s official web site. On the time of writing, solely HashKey and OSL Trade have obtained approval.
General, the SFC’s rules sign a way forward for tight oversight and compliance for crypto exchanges.
In the meantime, the Hong Kong Securities and Futures Professionals Affiliation (HKSFPA) proposed in April that town’s crypto corporations set up impartial self-regulatory committees.
Having accomplished a Grasp’s diploma in Economics, Politics, and Cultures of the East Asia area, Aaron has written scientific papers analyzing the variations between Western and Collective types of capitalism within the post-World Conflict II period.With near a decade of expertise within the FinTech business, Aaron understands all the largest points and struggles that crypto fanatics face. He’s a passionate analyst who is anxious with data-driven and fact-based content material, in addition to that which speaks to each Web3 natives and business newcomers.Aaron is the go-to particular person for every thing and something associated to digital currencies. With an enormous ardour for blockchain & Web3 schooling, Aaron strives to remodel the area as we all know it, and make it extra approachable to finish inexperienced persons.Aaron has been quoted by a number of established shops, and is a printed writer himself. Even throughout his free time, he enjoys researching the market traits, and on the lookout for the following supernova.
