As a seasoned analyst with years of experience navigating the complex world of financial regulations and digital assets, I find this news about HKDAEx intriguing. While it’s unusual for applications to be accepted after the deadline, it’s refreshing to see regulatory bodies like the SFC being flexible and encouraging innovation.
Despite submitting its application past the May 31st deadline, the Hong Kong Securities and Futures Commission (SFC) has still awarded a digital asset exchange license to Hong Kong Digital Asset Xchange (HKDAEx).
As per records, the financial asset exchange group’s member, HKDAEx, submitted an application for a license on the 27th of August.
Although the SFC has already given its approval, the application will also require a review for confirmation that all necessary conditions have been satisfied and any underlying concerns have been adequately addressed.
This news comes as Hong Kong recently introduced stricter regulations for virtual assets. Since June 1, operating an unlicensed virtual asset trading platform (VATP) has become illegal.
As a researcher, I’m currently navigating through the realm of digital securities platforms. While some of these platforms have secured preliminary approvals, they are yet to receive their full licensing. Interestingly, only two platforms, OSL Digital Securities and Hash Blockchain, have managed to obtain complete licenses so far.
Other significant trading platforms like Crypto.com, Bullish, and Matrixport HK are currently navigating the process of obtaining their complete licenses under a transitional framework designed for businesses that were active prior to the implementation of the new regulations.
Additionally, it’s worth noting that Hong Kong is making significant strides towards establishing itself as a leading global center for digital assets. As per the latest 2024 Henley Crypto Adoption Index by Henley & Partner, Hong Kong currently holds the second position among countries embracing cryptocurrency.
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2024-09-01 03:32