Hong Kong has issued a directive requiring all crypto exchanges and not using a license from the Securities and Futures Fee (SFC) to cease operations instantly.
Crypto exchanges had been instructed to use for a license by February 29 or shut down inside three months.
Over 22 exchanges pursued licensing, however many retracted their purposes simply earlier than the deadline.
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OKX, Huobi HK and 4 different crypto exchanges exited the Hong Kong market in Might.
Amongst them was additionally the native crypto alternate Gate.HK, which ceased operations on Might 23 and allowed current prospects to withdraw funds till August 28. Gate.HK cited the necessity for an intensive redesign of its buying and selling platform to align with Hong Kong’s regulatory necessities.
Gate.HK is actively engaged on the aforementioned overhaul. We plan to renew our enterprise in Hong Kong sooner or later and contribute to the digital asset ecosystem after acquiring the related licenses.
18 exchanges have submitted license purposes, and the SFC is predicted to announce authorized ones by June 1. Traders can verify the checklist of authorized exchanges on SFC’s official web site. On the time of writing, solely HashKey and OSL Trade have obtained approval.
Total, the SFC’s laws sign a way forward for tight oversight and compliance for crypto exchanges.
In the meantime, the Hong Kong Securities and Futures Professionals Affiliation (HKSFPA) proposed in April that the town’s crypto companies set up unbiased self-regulatory committees.
Having accomplished a Grasp’s diploma in Economics, Politics, and Cultures of the East Asia area, Aaron has written scientific papers analyzing the variations between Western and Collective types of capitalism within the post-World Conflict II period.
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