Hong Kong draws 22 firms seeking crypto exchange licenses including OKX, Bybit and HTX
Quick Take
- Hong Kong received license applications from 22 firms to operate as crypto exchanges.
- Applicants included OKX, Bybit, Bullish, Crypto.com, Huobi HK and Matrixport HK.
Hong Kong has received applications from 22 crypto firms for a license that would allow them to operate as crypto exchanges offering retail trading services, as Hong Kong continues its drive to become a regional crypto hub.
The city's Securities and Futures Commission has received applications from 22 firms — including OKX, Bybit, Bullish, Crypto.com, Huobi HK, Matrixport HK and Gate.HK — before the application deadline of Feb. 29, according to the SFC’s website. HKVAEX, a crypto platform reportedly linked to Binance, also submitted its application.
Hong Kong has already granted licenses to two platforms — namely HashKey and OSL — since it officially started the licensing regime last year. Crypto platforms operating in Hong Kong that fail to submit license applications will need to cease business by the end of March, the SFC noted on its website.
In addition to overseeing crypto trading platforms, Hong Kong is gearing up to regulate stablecoin issuance. Paul Chan, the financial secretary of Hong Kong, said in his budget speech on Wednesday that the Hong Kong Monetary Authority plans to introduce a regulatory sandbox for stablecoin issuers in the near future.
In December, the Financial Services and the Treasury Bureau and the HKMA jointly launched a consultation until Feb. 29 on regulating stablecoin issuers. They proposed that all fiat-referenced stablecoin issuers should obtain a license from the HKMA.
Chan added that the government also plans to expand the pilot scope of e-CNY, China’s central bank digital currency in trial, to enhance cross-border payment efficiency.
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