In a twist worthy of a theatrical farce, the Securities and Futures Commission (SFC) of Hong Kong has bestowed upon us the first operational licenses of 2025, like a benevolent czar throwing coins to the masses! Two crypto trading platforms, PantherTrade and YAX, have been graced with this honor, as if they were the chosen ones in a cosmic lottery. Since mid-2024, the SFC has been on a licensing spree, issuing a grand total of seven crypto licenses—because who doesn’t love a good game of regulatory roulette? 🎰
On the fateful day of January 27, the SFC, in its infinite wisdom, decided to award these licenses to our two lucky exchanges. According to the sacred scrolls of public records, both entities have been dutifully registered under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO). One can only imagine the bureaucratic ballet that ensued! 💃
Delays in registering crypto entities
As of now, a mere ten crypto exchanges have managed to navigate the labyrinthine corridors of registration in Hong Kong since 2020, earning the right to operate their virtual asset trading platforms. In a moment of sheer optimism, SFC CEO Julia Leung proclaimed in October 2024 that the regulator aimed to issue licenses to eleven crypto service providers by year-end. Ah, the sweet scent of ambition! 🌟
At that time, the SFC had completed the first round of “on-site” reviews for these crypto firms, a process that must have felt like an episode of a reality show, focusing on safeguarding client assets, Know Your Customer (KYC) processes, and cybersecurity. Who knew compliance could be so thrilling? 🎢
Enforcing a strict licensing regime in Hong Kong
In a dramatic turn of events, December 2024 saw Hong Kong issuing licenses to four virtual asset trading platforms—HKbitEX, Accumulus, DFX Labs, and EX.IO. SFC executive director of intermediaries, Eric Yip, waxed poetic:
“We have been proactively engaging with VATPs’ senior management and ultimate controllers which helps drive home our expected regulatory standards and expedite our licensing process for VATPs.”
Ah, the art of engagement! The agency, in its noble quest, seeks to strike a balance between safeguarding the interests of investors and facilitating the continuous development of the virtual asset ecosystem. A delicate dance, indeed! 💃🕺
And let us not forget, there are only four cryptocurrencies legally available for purchase and sale in Hong Kong: Bitcoin (BTC), Ether (ETH), Avalanche (AVAX), and Chainlink (LINK). A veritable buffet of digital delights, wouldn’t you say? 🍽️
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2025-01-29 12:36