Hong Kong has received applications for cryptocurrency exchange licenses from 22 companies.
Applicants include OKX, Bybit, Bullish, Crypto.com, Huobi HK and Matrixport HK.
Hong Kong has received applications for licenses from 22 cryptocurrency companies to operate as cryptocurrency exchanges offering retail trading services, as the city continues its efforts to become a regional cryptocurrency hub.
According to the SFC website, the Hong Kong Securities and Futures Commission has received applications from 2 companies before the February 29 application deadline, including OKX, Bybit, Bullish, Crypto.com, Huobi HK, Matrixport HK and Gate.HK. HKVAEX, a cryptocurrency platform associated with Binance, has also reportedly submitted an application.
Since the official launch of the licensing system last year, Hong Kong has issued licenses to two platforms, HashKey and OSL. The Hong Kong Securities and Futures Commission stated on its website that cryptocurrency platforms operating in Hong Kong that fail to submit license applications will need to cease operations by the end of March.
In addition to regulating cryptocurrency trading platforms, Hong Kong is also preparing to regulate the issuance of stablecoins. Hong Kong Financial Secretary Paul Chan 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 on the regulation of stablecoin issuers, which lasted until February 12. They recommended that all stablecoin issuers that reference fiat currencies should obtain a license from the HKMA.
Chen added that the government also plans to expand the pilot scope of China's central bank digital currency e-CNY to improve cross-border payment efficiency.