Hong Kong Crypto Exchanges Struggle to Secure Full Licensing
Shiva Ganesh
Obtaining a license under Hong Kong's new regulatory regime can cost crypto exchanges up to $20 million
Exchanges had to submit their license applications by February 29, 2024, to continue operations beyond May 31, 2024
As of now, only two exchanges, OSL Digital Securities and HashKey Exchange, have been fully licensed
The Securities and Futures Commission (SFC) is still reviewing applications from several exchanges, including prominent names like Crypto.com and Bullish
The new regulations emphasize investor protection and market integrity, requiring exchanges to meet stringent criteria, including anti-money laundering measures and adequate insurance