Pepe Coin

Axelar

Shiba Inu

Hong Kong’s crypto landscape is abuzz as 24 companies vie for licenses to operate digital-asset exchanges ahead of the looming May deadline. Amid efforts to establish itself as a regulated hub for the crypto industry, the city has attracted notable players like Bybit, OKX, and Crypto.com. However, the absence of giants like Binance and Coinbase raises questions about the allure of Hong Kong’s regulatory framework. 
<h2 id="hong-kong-attracts-crypto-exchanges-amid-may-deadline">Hong Kong Attracts Crypto Exchanges Amid May Deadline</h2> 
Hong Kong’s regulatory pivot towards embracing the <a href="https://coingape.com/glossary/cryptocurrency/" target="_blank" rel="noopener">cryptocurrency</a> industry has sparked a flurry of activity, with 24 companies seeking permits to run digital asset exchanges. Notable contenders include Bybit, OKX, and Crypto.com, signaling a growing interest in establishing a foothold in the city’s evolving crypto ecosystem. 
However, the absence of major players like <a href="https://coingape.com/blog/binance-exchange-review/" target="_blank" rel="noopener">Binance</a>, Coinbase, and Kraken suggests lingering doubts about the regulatory environment’s attractiveness. Notably, <a href="https://coingape.com/hong-kongs-may-deadline-solidifies-crypto-leadership-in-asia-alongside-singapore/" target="_blank" rel="noopener">Hong Kong</a> sets a Feb. 29 deadline for crypto exchange applications. Subsequently, the non-compliant platforms will have to cease services by the end of May, as per the announcement. 
Angela Ang, a senior policy adviser at TRM Labs, views the applicant list as a litmus test for industry sentiment, emphasizing the importance of committed players to anchor Hong Kong’s crypto ecosystem, Bloomberg <a rel="nofollow" href="https://www.bloomberg.com/news/articles/2024-03-01/hong-kong-attracts-22-applicants-for-crypto-exchange-licenses" target="_blank">reported</a>. On the other hand, Ding Chen, head of regulatory affairs at Bullish, acknowledges the cost implications of operating a regulated business but underscores the necessity of factoring these into the overall strategy. 
Also Read: <a href="https://coingape.com/axelar-axl-price-soars-30-amid-binance-listing-announcement/" target="_blank" rel="noopener">Axelar (AXL) Price Soars 30% Amid Binance Listing Announcement</a> 
<h2 id="focus-towards-becoming-a-crypto-hub">Focus Towards Becoming A Crypto Hub</h2> 
Hong Kong’s transition towards becoming a crypto hub underscores its ambition to stay at the forefront of innovation, despite uncertainties about its future. With only two authorized <a href="https://coingape.com/glossary/Crypto-exchange-2/" target="_blank" rel="noopener">crypto exchanges</a> currently, the influx of applicants signifies a pivotal moment in Hong Kong’s journey to establish itself as a leading player in the global crypto landscape. 
Notably, amid the flurry of licensing applications, <a href="https://coingape.com/matrixport-applies-for-crypto-trading-license-in-hong-kong/" target="_blank" rel="noopener">Matrixport</a>, a prominent player in the crypto sphere, has demonstrated its commitment to regulatory compliance. On February 26, the company applied for a virtual asset trading license from the Hong Kong Securities and Futures Commission (SFC). 
This proactive step highlights Matrixport’s dedication to upholding regulatory standards, essential for building trust and stability in the rapidly evolving digital asset market. 
Meanwhile, as Hong Kong aims to solidify its position as Asia’s crypto hub, regulators intensify efforts to thwart suspicious <a href="https://coingape.com/hong-kong-introduces-rules-to-foil-suspicious-otc-crypto-trades/?utm_source=sidebartabnews" target="_blank" rel="noopener">over-the-counter (OTC) trading</a>. Approximately 450 establishments, including shops, ATMs, and online platforms, enable OTC crypto trades, contributing significantly to the city’s $64 billion in digital asset transactions. 
This regulatory stance underscores Hong Kong’s commitment to maintaining integrity in its burgeoning crypto market. 
Also Read: <a href="https://coingape.com/whale-dumps-2t-pepe-coin-amid-shiba-inu-hype-pepe-price-dip-ahead/" target="_blank" rel="noopener">Whale Dumps 2T Pepe Coin Amid Shiba Inu Hype, PEPE Price Dip Ahead?</a> 
The post <a href="https://coingape.com/hong-kong-receives-24-crypto-exchange-requests-amid-may-deadline/">Binance And Major Exchanges Skip Hong Kong Deadline</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Binance And Major Exchanges Skip Hong Kong Deadline

Table of Contents

Coingape News Media

Other articles published on Mar 1, 2024

Bitcoin Price Turns Attractive On Dips, 100 SMA Is The Key

Over 97% of Bitcoin holders see profits, IntoTheBlock shows

Token.com's Pioneering Platform: A New Dawn for Crypto Interaction

Bitwise Thinks Spot Bitcoin ETF to See the Next Wave of Institutional Capital as Major Brokerage ...

Bitcoin mining stocks experience significant decline despite Bitcoin rally

These Two Major Banks Are Now Offering Spot Bitcoin ETFs

Join our free newsletter for daily crypto updates!