Crypto firms jockey for Hong Kong licenses ahead of June 1 retail opening


The race to grab up Hong Kong retail crypto merchants is about to kick off, with a number of cryptocurrency firms asserting plans to use for a license come June 1.

On Could 29, the Hong Kong-based crypto trade CoinEx turned the most recent to sign its entry to the town, saying it’s launching a neighborhood platform known as BitHK, which can submit its Digital Asset Service Supplier (VASP) license utility to the securities regulator on June 1.

On the identical day, Huobi tweeted that its Hong Kong entity was providing crypto buying and selling to native retail merchants. The trade submitted its VASP utility to the Securities and Futures Fee (SFC) on Could 29.

Unique and translated tweet from Huobi asserting its providing of crypto buying and selling to Hong Kong retail prospects. Supply: Twitter

Final week the exchanges and BitMEX announced their applications and dedicated Hong Kong crypto buying and selling companies.

Others — such as OKX; Hong Kong’s largest digital bank, ZA Bank; and a subsidiary of the Chinese state-owned multi-industry conglomerate Greenland Holdings — have all signaled their intentions to achieve a VASP license.

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The SFC introduced on Could 23 that licensed VASPs could serve retail investors come June 1 and people keen to adjust to its tips round protected asset custody, safety requirements, asset segregation and extra are welcome to use for a license.

New {industry} teams be part of the get together

On Could 29, two new crypto {industry} teams — Hong Kong Licensed Digital Belongings Affiliation (HKLVAA) and Web3 Harbour — introduced their launches in a joint statement.

Each had been made to serve completely different sides of the {industry}. The HKLVAA is aimed toward serving VASP-licensed corporations and people all for getting licensed within the metropolis, whereas Web3 Harbour is aimed toward serving to native Web3 improvement.

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