The Hong Kong Securities and Futures Commission (SFC) plans to issue new licenses to 11 crypto firms, enabling their operation in the country by the end of 2024.
Phased Licensing Process
According to CEO Julia Leung, SFC has completed the inspection of 11 'deemed-to-be-licensed' crypto exchanges. The agency will pursue a phased licensing process.
Deemed to be Licensed Status
On June 3, 2024, SFC updated its website listing 11 crypto exchanges applying to operate under the city's regulatory regime as virtual asset trading platforms, including Crypto.com and Bullish.
Balancing Growth and Market Stability
Many experts see Hong Kong's regulatory framework as conducive to developing a mature digital asset industry, though some feel the slow regulatory process is a challenge.
Hong Kong aims to attract crypto businesses via a licensing framework introduced in 2023. The success of the program hinges on balancing strict regulation with a business-friendly environment.