Digital Asset Exchange Bybit Applies For Hong Kong VATP License
Digital Asset Alternate Bybit Applies For Hong Kong VATP License
Digital asset exchange Bybit has utilized for a Virtual Asset Trading Operator (VATP) license in Hong Kong.
The exchange filed the applying to Hong Kong’s Securities and Alternate Price (SFC) thru Spark Fintech Tiny based on the regulator’s web sites.
The SFC reliable web sites exhibits that Bybit has utilized for a Hong Kong virtual asset trading platform license on January 31, 2024. The trading platform is named Spark Fintech Tiny. There are currently 14 firms on the applicant checklist. https://t.co/XZhHM7FgU3
— Wu Blockchain (@WuBlockchain) February 1, 2024
The applying submitted on Jan 31 takes the volume of firms seeking the license to 14.
Bybit Follows in OKX’s Footsteps
OKX also utilized for a VATP license in November 2023 as Hong Kong is changing into an fine affirm for Web3 firms.
Lennix Lai, OKX’s Chief Commercial Officer expressed optimism at the transfer adding that the exchange looks to work with the metropolis’s imaginative and prescient to change into a world player and a number one web3 hub.
Currently, handiest two cryptocurrency firms include got the license, the principle being OSL Alternate and the latter, HashKey Alternate in 2022.
Hong Kong regulators include two predominant licenses for digital asset firms seeking to characteristic in its jurisdiction.
Whereas the VATP licenses sought by Bybit and OKX are to give firms access to retail potentialities, the Virtual Asset Service Provider License (VASP) covers higher institutional potentialities.
Despite the incontrovertible truth that institutional potentialities on the entire make investments based on the portions and property they management, the retail market also drives up attain and trading volumes. This capacity that, this has been a gargantuan offer of earnings in latest occasions.
Final 365 days, Hong Kong authorities launched operations to crack down on unlawful blockchain firms offering retail companies and products with out a VATP license.
The Hong Kong Police Drive attach up a monitoring crew to study and habits threat assessments of linked instances to protect traders with suggestions on tightening guidelines after the corrupt JPEX scandal.
Hong Kong’s Web3 Drive
Hong Kong is amongst the cities on the pathway in the direction of changing into a Web3 hub for attach. That is doubtless as the regulators rolled out a licensing regime with pointers for loads of sectors.
The metropolis’s capacity to cryptocurrencies is adversarial to mainland China’s anti-crypto stance which started a crackdown on property, main many analysts to suggest Hong Kong might presumably perhaps even be a take a look at mattress for a future reversal of coverage in China.
Hong Kong’s regulators not too long in the past announced a dedication to easily get functions for affirm cryptocurrency ETFs and released strict requirements for firms.
🇭🇰 OSL Govt Director: Hong Kong Anticipated to Approve Location Crypto ETFs by Mid 2024
Study extra 👇
— Cryptonews.com (@cryptonews) January 22, 2024
The brand new guidelines released by the metropolis were hailed amongst alternate executives calling on other areas to emulate Hong Kong and the European Markets in Crypto Resources (MiCA) regulations.
After the tumble of Terra Network and the implosion of FTX in 2022, global authorities began a predominant shift in the direction of guidelines resulting in bottle-neck insurance policies in some jurisdictions and extra than one lawsuits in opposition to Web3 firms.
This capacity that, a key instruct for web3 firms modified into jurisdictions with clearer guidelines over areas without guidelines.
Source : cryptonews.com
