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COINTURK NEWS > Cryptocurrency Exchanges > Hong Kong Sets Deadline for Crypto Exchanges to Apply for Licenses
Cryptocurrency Exchanges

Hong Kong Sets Deadline for Crypto Exchanges to Apply for Licenses

In Brief

  • Hong Kong's SFC issues a critical warning to crypto exchanges.

  • Exchanges must apply for licenses by February 29, 2024, or cease operations.

  • Regulatory framework aims to protect investors and manage risks.

COINTURK NEWS
COINTURK NEWS 1 year ago
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Hong Kong Securities and Futures Commission (SFC) has issued an important warning to cryptocurrency exchanges in the region. The SFC reminded exchanges operating in the Chinese special administrative region that if they do not apply for a license, they will have to cease operations by May 31, 2024.

Contents
Final Date for Crypto Exchanges: February 29, 2024Licensing Process for Crypto Exchanges Began in 2023

Final Date for Crypto Exchanges: February 29, 2024

The SFC has warned crypto exchanges to apply for licenses to continue their operations. The SFC emphasized that cryptocurrency exchanges operating in the Chinese special administrative region must apply for a license by or before February 29, 2024.

The Hong Kong regulator stated that cryptocurrency exchanges that do not apply for a license by February 29, 2024, will have to cease their operations in Hong Kong by or before May 31, 2024.

Licensing Process for Crypto Exchanges Began in 2023

As is known, Hong Kong took action in 2023 for exchanges where cryptocurrency trading is conducted and initiated the licensing application process for crypto exchanges on June 1, 2023. SFC CEO Julia Leung had stated at the time that this step was supported by a comprehensive regulatory framework aimed at protecting investors and managing risks.

Crypto exchanges wishing to obtain a license need to fulfill various requirements, such as a minimum capital of 5 million Hong Kong dollars (638 thousand US dollars), implementation of anti-money laundering measures, and appointment of experienced managers. Initially, it was reported that over 80 companies had applied for a license to operate as a cryptocurrency exchange from the SFC. The world’s largest cryptocurrency exchange by volume, Binance, is among the crypto exchanges that have applied for a license in Hong Kong with its established VAEXC exchange.

Experts believe that companies are particularly turning to Hong Kong due to the prohibition of providing services related to cryptocurrencies in mainland China, and the region is a candidate to become a crypto hub as targeted.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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