{"id":29654,"date":"2024-12-19T12:26:50","date_gmt":"2024-12-19T12:26:50","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=29654"},"modified":"2024-12-19T12:26:50","modified_gmt":"2024-12-19T12:26:50","slug":"hong-kong-expands-crypto-footprint-with-licenses-for-four-more-exchanges","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=29654","title":{"rendered":"Hong Kong Expands Crypto Footprint With Licenses For Four More Exchanges"},"content":{"rendered":"

The Hong Kong Securities and Futures Commission (SFC) doubled the number of licensed virtual asset trading platforms (VATPs). In fact, it granted approvals to four new firms.<\/span><\/p>\n

New licenses are granted to Accumulus GBA Technology (Hongkong), DFX Labs, Hong Kong Digital Asset EX, and Thousand Whales Technology (BVI). They received their licenses on 18 December 2024, joining existing platforms HashKey, OSL, and HKVAX.<\/span><\/p>\n

The approvals <\/span>come under the <\/span>SFC\u2019s<\/span><\/a> expedited licensing process for<\/span> \u201c<\/span>deemed-to-be-licensed<\/span>\u201d <\/span>VATP applicants. <\/span><\/p>\n

EXPLORE<\/span><\/strong>:\u00a0<\/span>20 New Crypto Coins to Invest in 2024<\/span><\/a><\/strong><\/p>\n

Exchanges Underwent On-Site Inspections<\/span><\/h2>\n

As part of the process, the exchanges underwent on-site inspections. Key regulatory requirements were addressed, such as safeguarding client assets, Know Your Customer (KYC) <\/span>procedures,<\/span> and cybersecurity measures.<\/span><\/p>\n

\u201cW<\/span>e have been proactively engaging with <\/span>VATPs\u2019<\/span> senior management and ultimate controllers <\/span>which<\/span> helps drive home our expected regulatory standards and expedite our licensing process for VATPs,<\/span>\u201d <\/span>said Eric Yip, <\/span>SFC\u2019s<\/span> executive director of intermediaries. <\/span><\/p>\n

The newly licensed exchanges will initially operate under a restricted scope. <\/span>They<\/span> are required to conduct vulnerability assessments and penetration tests with third-party verification <\/span>before the restrictions can be lifted<\/span>.<\/span><\/p>\n

Moreover, the SFC will oversee this process closely. The regulator released a circular outlining its expectations for VATPs.<\/span><\/p>\n

Currently, all licensed platforms are authorized to trade securities, offer automated trading services, and operate as VATPs. Currently, 11 additional VATPs are on the <\/span>applicant\u2019s<\/span> list, seven of which have<\/span> \u201c<\/span>deemed-to-be-licensed<\/span>\u201d <\/span>status.<\/span><\/p>\n

JUST IN: Hong Kong SFC approves and lists four new #Bitcoin<\/a> and crypto trading platforms.<\/p>\n

China is getting prepared pic.twitter.com\/in0RdmRGfZ<\/a><\/p>\n

\u2014 Bitcoin Magazine (@BitcoinMagazine) December 18, 2024<\/a><\/p>\n\n

The <\/span>SFC\u2019s<\/span> website warns users to trade only on licensed platforms. However, it is possible to interact with exchanges that hold<\/span> \u201c<\/span>deemed-to-be-licensed<\/span>\u201d <\/span>status. The move aligns with the <\/span>SFC\u2019s<\/span> broader strategy to regulate and strengthen the crypto trading framework in the region.<\/span><\/p>\n

SFC CEO Julia Leung said<\/span>\u00a0that new licenses would be granted in batches as part of a regulatory roadmap through 2026.<\/span> The plan aims to enhance oversight, support real-world asset tokenization, and explore blockchain <\/span>technology\u2019s<\/span> potential in financial markets.<\/span><\/p>\n

Hong <\/span>Kong\u2019s<\/span> current retail cryptocurrency market remains limited to four available tokens: Bitcoin (BTC), Ether (ETH), Avalanche (AVAX), and Chainlink (LINK). <\/span><\/p>\n

Retail cryptocurrency trading was officially legalized<\/span> in August 2023.<\/span><\/p>\n

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Hong Kong Accelerates Crypto Regulation<\/span><\/h2>\n

Recently, the Hong Kong government <\/span>announced plans to implement<\/span><\/a> a mandatory crypto asset reporting framework by 2026.\u00a0<\/span><\/p>\n

The proposed crypto asset reporting framework will require tax-paying residents <\/span>in<\/span> the country to <\/span>annually<\/span> report their crypto accounts and transactions.<\/span>\u00a0<\/span><\/p>\n

Furthermore, Hong Kong also <\/span>said it is rolling out<\/span><\/a> a plan to exempt private equity funds, hedge funds, and the investment vehicles of ultra-wealthy individuals from taxes on gains from cryptocurrencies, private credit investments, and other assets.<\/span><\/p>\n

The proposal claims that taxation is<\/span> \u201c<\/span>one of the key considerations<\/span>\u201d <\/span>for asset managers when choosing where to base their operations. By creating a<\/span> \u201c<\/span>conducive environment,<\/span>\u201d <\/span>the Honk Kong government aims to attract global investors and crypto businesses.<\/span><\/p>\n

EXPLORE:\u00a0<\/span>Best New Cryptocurrencies to Invest in 2024<\/span><\/a><\/strong><\/p>\n

The post Hong Kong Expands Crypto Footprint With Licenses For Four More Exchanges<\/a> appeared first on 99Bitcoins<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

The Hong Kong Securities and Futures Commission (SFC) doubled the number of licensed virtual asset trading platforms (VATPs). In fact, it granted approvals to four new firms. New licenses are granted to Accumulus GBA Technology (Hongkong), DFX Labs, Hong Kong Digital Asset EX, and Thousand Whales Technology (BVI). They received their licenses on 18 December […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-29654","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/29654"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=29654"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/29654\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=29654"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=29654"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=29654"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}