With only a few days left for the SFC to start accepting applications for retail crypto licences, a large number of crypto firms show interest in entering Hong Kong
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Hong Kong had recently announced its new regime which requires all crypto trading platforms and exchanges to compulsorily apply for a licence. These rules will come into effect from June 1 in order to protect the retail investors.
The announcement has kicked off a race among exchanges to appeal to the brand new pool of retail investors, with several globally renowned cryptocurrency companies planning to apply for a licence.
CoinEx, a Hong Kong-based crypto exchange, joined many others in the excitement leading to the integration of the Hong Kong retail crypto trading regime. The platform has announced the launch of BitHK, a local platform which plans to submit its Virtual Asset Service Provider (VASP) licence application to the SFC on June 1 itself.
On May 29, Huobi Global also announced that its crypto trading services were being opened for local retail traders in association with its Hong Kong entity, after submitting its VASP application to the Securities and Futures Commission (SFC).
Crypto exchanges Gate.io and BitMEX also talked about expanding their crypto trading services in Hong Kong and the applications associated with the same.