Hong Kong’s securities regulator on Wednesday, December 18, approved the activities of four cryptocurrency exchanges as part of the city’s latest attempt to maintain its competitiveness during a kind of race for the status of a global center for trading digital assets.
The Hong Kong Securities and Futures Commission granted licenses to Accumulus GBA Technology (Hongkong) Co., DFX Labs Company, Hong Kong Digital Asset EX, and Thousand Whales Technology (BVI).
Hong Kong positions itself as a hub for assets such as cryptocurrency, therefore, strengthening the relevant status and enhancing competitiveness in the appropriate aspect is a matter of principle. The city strives to maintain its attractiveness as a financial center.
Currently, the total number of licensed virtual asset trading platforms in Hong Kong is seven. Before Wednesday’s decision, the activities of HashKey, OSL, and HKVAX were approved.
Nick Ruck, director at LVRG Research, stated that the new participants in the Hong Kong digital asset trading space demonstrate the city’s long-term vision and commitment to assets of the relevant category. It was also noted separately that the international race for the title of world crypto hub intensified as companies flocked to other jurisdictions such as Singapore and Dubai.
The securities watchdog said the latest approvals in Hong Kong were under its swift licensing process.
It is worth mentioning that in April, Hong Kong launched the first spot bitcoin and ether exchange-traded funds (ETFs) in Asia.
As noted by the media, referring to analysts, an increase in the number of trading platforms will help reduce crypto ETF management fees.
As we have reported earlier, Hong Kong Unveils Rules for Responsible AI Use.
