Crypto.com has applied for a crypto exchange license with the Hong Kong SFC!
Hong Kong currently invites its unregistered exchanges to apply for approval by the country's regulatory body. However, application alone does not guarantee validity, they said that first they will thoroughly review the applied exchange for validity and then validate them if everything is in order. Otherwise they will be banned from their local markets and even fined by the country's regulatory body. However, in view of this application, Crypto.com has currently applied for a crypto exchange license with the Hong Kong SFC.
Crypto.com is a US-based cryptocurrency exchange. Currently this crypto exchange is looking to expand its operations based in Hong Kong. Even this exchange has currently applied for a license to operate in Hong Kong and it has thrown its hat away. In order to survive in Hong Kong's local market, exchanges must apply within a certain period given by the country's regulatory body, and as such, Crypto.com filed with the Hong Kong Securities and Futures Commission on the 9th for approval to operate as a virtual asset trading platform (VATP).
submitted an application to the SFC). The Hong Kong regulator said unregistered exchanges had been asked to apply for registration by this month and would later be declared illegal and fined for illegal exchanges after mid-year.
The SFC seeks to establish Hong Kong as a crypto hub while maintaining regulation. They stated as the deadline that the companies must apply for the license by the 29th of this month after which the regulatory body will scrutinize the applications. If all goes well with one of the companies then they will be legitimized otherwise they will be declared closed by May 31st. Only two platforms - OSL and HashKey Exchange - have received the green light to serve retail investors in Hong Kong. Many more applications are also under process. But it's easy to say that Crypto.com's move signals the industry's continued interest in gaining a foothold in the Asian market.
However, if it is approved by the Hong Kong regulatory body, it will be able to start its new operations in Asia. However, illegal exchanges will be strictly closed at the end of the specified period, the agency said. And such steps have been taken mainly for the protection of investors. However, this regulatory body has made it clear that even applying for a license does not guarantee approval. As such, the fate of Crypto.com's application, along with others in the queue, remains uncertain.
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Great update concerning crypto.com and honk kong, thanks for sharing this useful piece of information
This is a big update for the crypto industry, this will further push the adoption of crypto to the world
It is one of the experiences that has been doing great in the crypto market. This exchnage has been doing great efforts on marketing and if licences is given, it would be good for crypto community.
Your article is very good. Nicely explained. I hope you write articles like this in the future.Thank you.
You have published a very nice detailed discussion about the crypto market. And presented to all of us I understood many things from here. Thank you, I hope to benefit from this in the future.
You always write details post. Good explained about Crypto.com has applied for a crypto exchange license with the Hong Kong SFC!