Crypto.com Applies For Crypto Exchange License With Hong Kong SFC

Crypto.com Applies For Crypto Alternate License With Hong Kong SFC

Crypto.com, the Singapore-basically basically based fully cryptocurrency alternate, has thrown its hat into the ring for a license to characteristic in Hong Kong.

The firm submitted an application to the Hong Kong Securities and Futures Price (SFC) on February ninth, making an strive to search out approval to characteristic as a digital asset procuring and selling platform (VATP).

This addition brings the total number of applicants to 17, joining industry players worship Bybit, Bullish, OKX, and VAEX within the elope for regulatory approval, as per the listing on the reliable SFC web set up.

Crypto Exchanges Want to Prepare for License or Face Closure

The SFC, making an strive to search out to set Hong Kong as a crypto hub whereas affirming management, had issued a strict time limit of February 29th for exchanges to prepare for a license or face capability closure by May perchance well well thirty first.

Currently, handiest two platforms – OSL and HashKey Alternate – occupy obtained the golf green light to relief retail merchants in Hong Kong.

Whereas yet one more 18 capabilities are present process processing, Crypto.com’s cross indicates continued industry curiosity in securing a foothold within the Asian market.

The SFC has made its stance sure: unlicensed exchanges working inner Hong Kong will seemingly be shut down.

To present protection to merchants, the regulator has furthermore entreated people to examine if their chosen platform has utilized for a VATP license and seize into consideration transferring accounts to licensed platforms earlier than the May perchance well well thirty first time limit.

On the other hand, the SFC warns that even applying for a license doesn’t guarantee approval.

As such, the destiny of Crypto.com’s application, alongside the others within the queue, remains risky.

Source : cryptonews.com