CandleFocus Hong Kong SFC to Issue New Crypto Exchange Licenses This Year
2024-10-11
Author: Content Editor
The Hong Kong Securities and Futures Commission (SFC) plans to issue new licenses for cryptocurrency exchanges and crypto-related companies in line with its goals to enhance the capital market and transform the financial market with technology. The SFC has already granted licenses to three crypto exchanges and is currently reviewing applications from 11 more platforms. The Chinese Securities Regulatory Commission (SRC) is focusing on improving virtual asset trading platforms, supporting tokenization of traditional products, and adopting regional chains and Web3 technologies to strengthen Hong Kong's financial market. There has been a significant increase in cryptocurrency adoption in Hong Kong, with the city recording the highest growth in crypto activities in East Asia. The SRC is developing a new licensing system for over-the-counter (OTC) and crypto custody services.
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