As a seasoned researcher with a keen interest in the dynamic world of finance and technology, I find this development in Hong Kong particularly intriguing. Having closely followed the global crypto market, it’s clear that Hong Kong is making strategic moves to solidify its position as a leading digital asset hub.
Four new digital currency trading platforms – Accumulus GBA Technology, DFX Labs, Hong Kong Digital Asset Exchange, and Thousand Whales Technology – have been granted licenses by the Securities and Futures Commission in Hong Kong.
As per local news sources, approvals were made public today, increasing the count of licensed virtual asset trading platforms within Hong Kong to seven. These approvals are part of Hong Kong’s broader strategy to tighten its regulations on virtual assets, with the ultimate goal of enhancing the city’s position as a leading global hub for digital assets.
The Securities and Futures Commission (SFC) stated that their quick approval procedure facilitated a rapid pace of approvals, all while adhering to the established regulations.
Eric Yip, SFC’s executive director of intermediaries, stated that our goal is to find a harmonious approach, ensuring the protection of investor rights while also fostering ongoing growth for the virtual asset industry in Hong Kong.
Approval arrives as Bitcoin‘s value soars, having climbed more than 60% in the past six months and surpassing $100,000 for the first time. The Securities and Futures Commission (SFC) wants these newly licensed platforms to complete additional duties, such as identifying vulnerabilities and undergoing testing by external parties, before they can fully function.
Thousand Whales Technology manages the EX.IO online trading platform. This company has significant backing from Valuable Capital Group, a brokerage firm that is owned by Sina Corporation – the operator of the widely used Chinese social media platform Weibo.
In the year 2024, the four transactions were part of nearly 30 companies that sought VATP licenses. However, certain platforms such as OKX and HTX withdrew their applications because they encountered regulatory complications.
Previously, Hong Kong authorized three digital asset platforms – HashKey, OSL, and HKVAX. This year, the city introduced Asia’s initial exchange-traded funds (ETFs) for direct Bitcoin and Ether trading, preceding the United States in this area.
Yet, the financial management of Hong Kong has encountered significant challenges in effectively controlling over-the-counter (OTC) cryptocurrency transactions. As a result, they are revising their supervisory strategy, taking into account input from the crypto industry.
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2024-12-18 20:20