2024

Xchange

The Hong Kong Securities and Futures Commission (SFC) has accepted a new digital asset exchange license application from Hong Kong Digital Asset Xchange (HKDAEx) despite the May 31 deadline having passed.
According to the regulator's listing, HKDAEx, a company based in Hong Kong and a member of the Hong Kong Financial Asset Exchange Group, submitted an application for a digital asset exchange license on Aug. 27. 
However, the SFC may return the application if it finds it incomplete or if there are <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/hong-kong-crypto-exchanges-license-scrutiny" rel="" target="_self" text="null">unresolved fundamental issues</a>.
HKDAEx <a data-ct-non-breakable="null" href="http://hkdaex.hk/en/about/about.html" rel="null" target="null" text="null">said</a> it “connects physical assets with digital assets to improve the liquidity so as to raise the value of physical assets and to promote the real economy.”&nbsp;
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 <img alt="Hong Kong accepts crypto license application past deadline" name="" src="https://s3.cointelegraph.com/uploads/2024-08/0191a805-e373-7ffd-adfc-d817c97064d1">
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 List of virtual asset trading platform applicants in Hong Kong. Source: Securities and Futures Commission
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<h2 id="br-strong-hong-kong-s-ongoing-crackdown-on-unlicensed-crypto-trading-platforms-strong"> Hong Kong’s ongoing crackdown on unlicensed crypto trading platforms</h2>
As of June 1, operating an unlicensed virtual asset trading platform (VATP) in Hong Kong became a criminal offense.&nbsp;
Some applicants received initial approvals from the city’s regulator but are yet to be fully licensed. <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/hong-kong-crypto-firms-on-site-compliance-checks" rel="null" target="null" text="null">Deemed-to-be-licensed</a> applicants fall under a short-term framework <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/hong-kong-outlines-upcoming-crypto-licensing-regime" rel="null" target="null" text="null">designed for crypto firms operating in the region</a> before the licensing regime was enacted.
There are only two fully licensed virtual asset trading platforms in Hong Kong at present: OSL Digital Securities and Hash Blockchain.&nbsp;
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/hong-kong-enhance-digital-asset-regulation-18-months" rel="null" target="null" text="null">Hong Kong to enhance digital asset regulation in 18 months</a>
Crypto exchanges that have yet to receive full operational licenses in Hong Kong include Crypto.com, Bullish, HKbitEX, PantherTrade, Accumulus, DFX Labs, Bixin.com, EX.IO, YAX, WhaleFin and Matrixport HK.&nbsp;
<h2 id="strong-hong-kong-aims-to-be-a-global-crypto-hub-strong">Hong Kong aims to be a global crypto hub</h2>
Hong Kong has been working to <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/hong-kong-genai-sandbox-fintech" rel="" target="_self" text="null">establish itself as a global cryptocurrency hub</a>, attracting investors and companies to the city’s digital assets industry. With its <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/hong-kong-project-ensemble-asset-tokenization-cbdc" rel="" target="_self" text="null">advancements in digitalization and tokenization</a>, Hong Kong has the potential to develop into a hub for free trade and serve as a testing ground for emerging financial technologies.
<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/singapore-hong-kong-uae-leads-global-crypto-adoption" rel="" target="_self" text="null">According to the 2024 Henley Crypto Adoption Index</a> published by the investment migration consultancy Henley &amp; Partners, Hong Kong ranked second globally in cryptocurrency adoption, just behind Singapore.
Hong Kong scored exceptionally high in economic factors and its tax-friendliness. According to the study, the city cultivated an environment that promotes crypto growth “through significant public interest.”&nbsp;
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/china-crypto-ban-investors/" rel="null" target="null" text="null">How Chinese traders and miners get around China’s crypto ban</a>

Hong Kong accepts crypto license application past deadline

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