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    Home»Crypto News»Hong Kong approves 4 new crypto buying and selling platform licenses in regulatory push
    Hong Kong approves 4 new crypto buying and selling platform licenses in regulatory push
    Crypto News

    Hong Kong approves 4 new crypto buying and selling platform licenses in regulatory push

    By Crypto EditorDecember 18, 2024No Comments2 Mins Read
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    Hong Kong approves 4 new crypto buying and selling platform licenses in regulatory pushHong Kong approves 4 new crypto buying and selling platform licenses in regulatory push

    Hong Kong’s Securities and Futures Fee (SFC) has issued licenses to 4 digital asset buying and selling platforms (VATPs), marking one other step in its fast-tracked regulatory framework, in line with a Dec. 18 assertion.

    The licensed platforms embody Accumulus GBA Know-how Ltd, DFX Labs Firm Ltd, Hong Kong Digital Asset EX Restricted, and Thousand Whales Know-how (BVI) Ltd.

    This brings the overall variety of licensed crypto buying and selling platforms within the Asian metropolis allowed to serve retail prospects to seven, together with HashKey Group, OSL, and the Hong Kong Digital Asset Trade (HKVAX).

    Licensing regimes

    The SFC said that the not too long ago licensed corporations underwent rigorous on-site inspections earlier this 12 months as a part of the rules launched in June. The inspections recognized areas for enchancment, which the corporations addressed to safe their restricted licenses.

    The licenses include preliminary restrictions, however these might be lifted after the platforms move a second-phase evaluation by exterior evaluators. The method will make sure the platforms meet the required regulatory requirements for full operational performance.

    The SFC emphasised that the VATPs should conduct vulnerability assessments and penetration exams via unbiased third events. These evaluations are important to sustaining safety and align with world worldwide requirements.

    The SFC’s Government Director of Intermediaries, Eric Yip, said that the licensing course of concerned shut collaboration with the VATPs’ management groups. He highlighted the Fee’s twin concentrate on defending buyers whereas fostering progress in Hong Kong’s digital asset ecosystem.

    Yip stated:

    “We purpose to strike a stability between safeguarding the pursuits of buyers and facilitating steady growth for the digital asset ecosystem in Hong Kong.”

    In the meantime, this growth aligns with the SFC’s broader plan to increase the licensing of crypto companies by year-end. In October, the regulator revealed that 11 extra VATPs are beneath license consideration, with approvals anticipated to roll out in batches.

    The SFC’s proactive method highlights Hong Kong’s dedication to turning into a worldwide hub for digital asset innovation whereas sustaining sturdy investor safeguards.

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