Tuesday Newsletter

Explore the latest trends, gain valuable insights, and stay informed in the dynamic cryptocurrency ecosystem.

08 October 2024

Hong Kong’s Securities and Futures Commission (SFC) plans to issue additional licenses to cryptocurrency exchanges by the end of 2024, aiming to solidify the region as a major crypto hub. According to SFC CEO Julia Leung, 11 Virtual Asset Trading Platforms (VATPs) are currently pending approval, with licenses expected to be issued in batches.

As part of its 2024-2026 roadmap, the SFC has already conducted “on-site” reviews for several firms and is focused on advancing crypto regulations and tokenizing real-world assets. This follows the licensing of HKVAX, the third exchange to be approved for trading in Hong Kong, joining OSL and HashKey.

The move toward tighter regulations comes after the $165 million JPEX crypto scandal, prompting Hong Kong to strengthen oversight of unlicensed firms and implement stricter compliance measures. As the region looks to finalize its crypto regulatory framework by 2025, it remains committed to attracting crypto firms while protecting investors.

Key Takeaways:

  • 11 crypto firms await approval in Hong Kong.
  • Licenses will be issued in “batches” to increase compliance.
  • The SFC plans to finalize crypto regulations by 2025.

Hong Kong is reinforcing its regulatory landscape to prevent further scandals and ensure a safe environment for cryptocurrency trading.