HK to Introduce New Crypto License Soon- Ye Zhiheng

Hong Kong has been constantly embracing cryptocurrencies and concerning regulations, in a most recent development SINA Finance the Chinese media outlet has reported that HK might soon get a new virtual assets license, citing Ye Zhiheng the Executive Director of the Intermediary Department of the Hong Kong, SF (Securities and Futures Commission)

Yet there is no specific date for the issuance of the new license, but this development is expected to be good news in the first quarter of the current year

It is worth noting that, Zhiheng has also been serving as the Fintech Group Chairman of the nation, notes in a statement that the commission has inspected all the applicants, further assuring that all of them have been notified about the requirements which will help them to gain a license

On the other hand, he argued that platforms and ecosystems involved in crypto service have been given appropriate time to file responses to the notices of the Securities and Futures Commission during the review process.

Further arguing Zhiheng said there is no assurance that all the 11 platforms will get approval of the license, it is because of some failing to comply with the norms and criteria set by the commission

Hong Kong eyeing a big spot as Crypto hub

Hong Kong has succeeded in providing a favorable environment for the digital assets sector, and in the past few quarters, back-to-back amendments in the regulations have lured over dozens of new companies to serve the broader masses

Since the beginning of 2024, several regions including Hong Kong have actively worked towards providing a better environment for cryptocurrencies and companies involved in the sectors, and in the last quarter of just the past year, it was reported that HK has joined hands with UAE to ease cross border payments and other similar transactions

The approval of spot BTC and ETH ETFs, which will give investors direct exposure to both crypto, has further supported Hong Kong’s efforts to develop into a crypto hub.

It is anticipated that this development will draw large money flows and strengthen Hong Kong’s standing as a major hub for crypto. Regulators in Hong Kong are adopting a cautious stance, emphasizing consumer safety and enforcing stringent requirements for the trading of virtual assets.

Additionally, Singapore has established itself as a digital center for cutting-edge technologies, such as digital assets. Although retail trade is becoming more strictly controlled, the nation’s open FDI laws and advantageous location have made it a desirable place for crypto.