KEYTAKEAWAYS
- Hong Kong Approves Four More Cryptocurrency Exchanges
- Hong Kong Aims To Build Itself Into Asia's Crypto Digital Financial Hub
- Hong Kong's Cryptocurrency Trading Compliance Progress
CONTENT
Hong Kong’s Cryptocurrency ETF Trading Volume Shows Growth Trend. The Total Number of Licensed Virtual Asset Trading Platforms in Hong Kong Has Reached 7. Hong Kong Is Striving to Build Itself Into a Global Financial Hub.
According to Hong Kong stock market data, as of market close on January 10th, the six Hong Kong virtual asset ETFs recorded a total turnover of HKD 23.2619 million, including: ChinaAMC Bitcoin ETF (3042.HK) with HKD 14.45 million, ChinaAMC Ether ETF (3046.HK) with HKD 6.61 million, Harvest Bitcoin ETF (3439.HK) with HKD 837,100, Harvest Ether ETF (3179.HK) with HKD 326,300, Bosera HashKey Bitcoin ETF (3008.HK) with HKD 769,200, and Bosera HashKey Ether ETF (3009.HK) with HKD 269,200.
HONG KONG APPROVES FOUR MORE CRYPTOCURRENCY EXCHANGES
At the end of 2024, Hong Kong’s securities regulator approved four more cryptocurrency exchanges, the latest move to maintain competitiveness in the race to become a global digital asset trading hub.
The Securities and Futures Commission (SFC) of Hong Kong announced that it has issued licenses to Accumulus GBA Technology (Hong Kong) Limited, DFX Labs Company, Hong Kong Digital Asset EX, and Qianjing Technology (BVI). This process aims to streamline the operation of Virtual Asset Trading Platforms (VATP).
This brings the total number of licensed virtual asset trading platforms in Hong Kong to 7. Previously, licenses were issued to three local cryptocurrency platforms: OSL, HashKey, and HKVAX.
These four newly licensed companies are among nearly 30 companies that applied for licenses this year. However, due to strict regulatory requirements, several major platforms including OKX and HTX had to withdraw their applications earlier this year, leaving only about a dozen applicants.
HONG KONG AIMS TO BUILD ITSELF INTO ASIA’S CRYPTO DIGITAL FINANCIAL HUB
Acting Secretary for Financial Services and the Treasury Joseph Chan revealed plans to establish a consultation group for licensed cryptocurrency trading platforms, expected to begin operations early next year. This initiative reflects Hong Kong’s proactive approach in creating a regulated environment for the thriving cryptocurrency industry.
Global competition for cryptocurrency hub status has intensified as businesses flock to other jurisdictions like Singapore and Dubai. Hong Kong has been promoting itself as a hub for assets like cryptocurrencies in an effort to maintain its attractiveness as a financial center.
HONG KONG’S CRYPTOCURRENCY TRADING COMPLIANCE PROGRESS
In June 2023, Hong Kong officially launched its cryptocurrency licensing regime, allowing licensed exchanges to provide retail trading services. The Hong Kong SFC emphasized its commitment to accelerating the license issuance process.
In April 2024, Hong Kong launched Asia’s first spot Bitcoin and Ethereum ETFs, three months after the United States launched its first spot Bitcoin ETF. These ETFs are products that track Bitcoin prices.
In July 2024, the Hong Kong Monetary Authority announced its first batch of “Stablecoin Issuer Sandbox” participants. These include JD Digital Technology (Hong Kong), Circle Innovation Technology, and joint applicants Standard Chartered Bank (Hong Kong), Animoca Brands Limited, and HKT. From all perspectives, Hong Kong as a financial center is ready to implement stablecoins.
As more regulatory licenses are issued, virtual asset trading volume is expected to increase significantly in the future. Meanwhile, multiple mainland capital entities are seeking their “entry ticket” to the Web3.0 world in Hong Kong.
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