Platforms must apply by February 29th or cease operations by the end of May.
Much of the crypto entering the city flows through OTC trades rather than exchanges.
Twenty-Four companies have applied for licenses to operate
digital asset exchanges in Hong Kong, marking a move in the city's bid to
establish a regulated hub for the industry. Notable applicants include Bybit,
OKX, and Crypto.com.
Hong Kong's Bid to Become a Crypto Hub
Among the list of applicants were Gate.io, HTX, and Bullish,
each boasting notable trading volumes in the digital asset sphere. The
application process came with a deadline of February 29th, after which
platforms failing to submit must cease operations by the end of May.
Notably absent from the applicant roster were industry
giants like Binance,
Coinbase, and Kraken.
Industry observers view the application pool as a litmus test for Hong Kong's
appeal as a digital-asset center, particularly amidst intensifying competition
from other jurisdictions. The city's nine-month-old virtual-asset regulatory
framework prioritizes investor protection, potentially introducing compliance
costs that could deter some businesses.
“The application list is the litmus test for industry
sentiment,” said Angela Ang, the Senior Policy Adviser at Blockchain Intelligence
Firm TRM Labs. “It’s a good sign to see a number of well-known players in the
mix. What Hong Kong really needs is a number of committed, sizable players to
anchor its ecosystem.”
Ding Chen, the Head of Regulatory Affairs at Bullish,
acknowledged the cost implications of operating a regulated business, drawing
parallels with traditional financial services. Such considerations are factored
into companies' overall strategies as they navigate Hong Kong's regulatory landscape.
Over-the-Counter Dominance: Crypto Flows Beyond Digital
Exchanges
Hong Kong's pivot towards becoming a crypto hub in late 2022
reflects an effort to project a cutting-edge image amid uncertainties about the
city's future. Presently, HashKey Exchange and OSL Group are the only
authorized digital-asset exchanges operating in Hong Kong.
Gary Tiu, the Head of Regulatory Affairs at OSL, highlighted the
evolving regulatory environment's impact on business construction and
emphasized the need to assess associated costs.
Despite Hong Kong's allure as a crypto destination, data
from Chainalysis
indicates that a significant portion of crypto flows into the city occurs
through over-the-counter (OTC) trades rather than digital-asset exchanges.
Regulators have initiated crackdowns on small shops facilitating
cash-to-digital asset exchanges, signaling efforts to streamline oversight.
Hong
Kong is actively exploring regulations for stablecoins and considering
the possibility of allowing exchange-traded funds investing directly in select
cryptocurrencies. In a recent development, the government sold $750 million of
digital green bonds using HSBC Holdings' tokenization platform, further
underscoring the city's foray into digital finance.
Twenty-Four companies have applied for licenses to operate
digital asset exchanges in Hong Kong, marking a move in the city's bid to
establish a regulated hub for the industry. Notable applicants include Bybit,
OKX, and Crypto.com.
Hong Kong's Bid to Become a Crypto Hub
Among the list of applicants were Gate.io, HTX, and Bullish,
each boasting notable trading volumes in the digital asset sphere. The
application process came with a deadline of February 29th, after which
platforms failing to submit must cease operations by the end of May.
Notably absent from the applicant roster were industry
giants like Binance,
Coinbase, and Kraken.
Industry observers view the application pool as a litmus test for Hong Kong's
appeal as a digital-asset center, particularly amidst intensifying competition
from other jurisdictions. The city's nine-month-old virtual-asset regulatory
framework prioritizes investor protection, potentially introducing compliance
costs that could deter some businesses.
“The application list is the litmus test for industry
sentiment,” said Angela Ang, the Senior Policy Adviser at Blockchain Intelligence
Firm TRM Labs. “It’s a good sign to see a number of well-known players in the
mix. What Hong Kong really needs is a number of committed, sizable players to
anchor its ecosystem.”
Ding Chen, the Head of Regulatory Affairs at Bullish,
acknowledged the cost implications of operating a regulated business, drawing
parallels with traditional financial services. Such considerations are factored
into companies' overall strategies as they navigate Hong Kong's regulatory landscape.
Over-the-Counter Dominance: Crypto Flows Beyond Digital
Exchanges
Hong Kong's pivot towards becoming a crypto hub in late 2022
reflects an effort to project a cutting-edge image amid uncertainties about the
city's future. Presently, HashKey Exchange and OSL Group are the only
authorized digital-asset exchanges operating in Hong Kong.
Gary Tiu, the Head of Regulatory Affairs at OSL, highlighted the
evolving regulatory environment's impact on business construction and
emphasized the need to assess associated costs.
Despite Hong Kong's allure as a crypto destination, data
from Chainalysis
indicates that a significant portion of crypto flows into the city occurs
through over-the-counter (OTC) trades rather than digital-asset exchanges.
Regulators have initiated crackdowns on small shops facilitating
cash-to-digital asset exchanges, signaling efforts to streamline oversight.
Hong
Kong is actively exploring regulations for stablecoins and considering
the possibility of allowing exchange-traded funds investing directly in select
cryptocurrencies. In a recent development, the government sold $750 million of
digital green bonds using HSBC Holdings' tokenization platform, further
underscoring the city's foray into digital finance.
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
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▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
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🔔 Subscribe to our YouTube channel for more!🔔
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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🔔 Subscribe to our YouTube channel for more!🔔
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
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