Summary
TLDR: 24 crypto firms have applied for licenses from Hong Kong’s SFC, including big names like OKX and Crypto.com. The deadline is February 29, with only HashKey and OSL securing licenses so far. The city aims to regulate the crypto market to protect investors, with revenue projected to reach $254.6 million by 2028. Huobi HK withdrew its application, showing the high standards set by the SFC. Hong Kong is also expanding regulation to include stablecoin issuance and e-CNY pilot projects.
Key Points
1. 24 crypto firms, including OKX, Bybit, and Crypto.com, have applied for licenses from Hong Kong’s Securities and Futures Commission (SFC) to offer retail trading services, aligning with the city’s vision as a crypto hub.
2. The SFC’s deadline on February 29 prompted these applications, marking a significant moment for the sector as platforms await license approvals to continue operations.
3. Hong Kong’s move towards regulating the volatile crypto market showcases its commitment to protecting virtual asset investors, with only HashKey and OSL currently holding licenses, while projections suggest significant growth in the city’s crypto market revenue by 2028.