Four crypto exchanges have just been licensed in Hong Kong, as the region looks to speed up the licensing process in light of growing competition to become a crypto hub.
The Securities and Futures Commission announced Wednesday that HKbitEX, Accumulus, DFX Labs and EX.IO have received licenses under the "swift licensing process" after addressing comments from on-site inspections.
Previously, the SFC had granted licenses to HashKey, OSL and HKVAX.
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Recall that Hong Kong implemented a licensing system for "virtual asset trading platforms" in June 2023, allowing licensed exchanges to offer retail trading services.
The SFC has endeavored to speed up the licensing process by actively collaborating with the senior management and controllers of virtual asset trading platforms.