Hong Kong has become a focal point for cryptocurrency exchanges seeking to establish a regulated presence in Asia. The city-state received applications from 22 firms, including notable names like OKX, Bybit, Bullish, Crypto.com, Huobi HK, and HTX, for licenses to offer retail trading services. This move comes as part of Hong Kong's VATP licensing scheme, which attracted 24 applicants by the February 29 deadline. However, some of the industry's largest players, such as Binance, Coinbase, and Kraken, did not apply before the deadline, prompting the Securities and Futures Commission (SFC) to clarify that these exchanges would need to cease operations in the region. Meanwhile, Hong Kong has been recognized for its crypto readiness, receiving a Crypto Readiness Score (CRS) of 8.36 in 2023, maintaining its status as the world's most crypto-ready jurisdiction.
NEW: Binance, Coinbase, Kraken, and other large exchanges fail to apply for a license to operate in 🇭🇰 Hong Kong by the Feb. 29 deadline. After that date, Hong Kong's SFC had clarified that all exchanges that had not submitted an application would have to cease activity https://t.co/MyI3Gypjfw
HONG KONG'S CRYPTO LICENSING ATTRACTS MODEST INTEREST Hong Kong's VATP licensing scheme drew in 24 applicants by the February 29 deadline, according to the latest update on the SFC website. This falls short of the interest seen in Singapore's similar scheme in previous years.… https://t.co/ISD1ydDuVj
Hong Kong received a Crypto Readiness Score (CRS) of 8.36 in 2023, maintaining its position as the world's most crypto-ready jurisdiction. Download Bakkt's report, "The Global State of Crypto" for more key insights about the international state of crypto. https://t.co/2Smva9Ib6E https://t.co/PoS6Mc4wsj
UPDATE: HONG KONG RECEIVED APPLICATIONS FROM 22 CRYPTO FIRMS, INCLUDING OKX, BYBIT, BULLISH, CRYPTO[DOT]COM, HUOBI HK, SEEKING LICENSES FOR RETAIL TRADING SERVICES
Hong Kong draws 22 firms seeking crypto exchange licenses including OKX, Bybit and HTX https://t.co/GqIP2nbxv0
Twenty-two companies applied for licenses to operate digital-asset exchanges in Hong Kong, including larger players like Bybit, OKX and https://t.co/NNfl0dx6oJ https://t.co/iYxnFLVdLy