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Crypto.com Applies For Crypto Exchange License With Hong Kong SFC

Crypto.com, the US-based cryptocurrency exchange, has entered the fray by applying for a license to operate in Hong Kong. The company filed its application with the Hong Kong Securities and Futures Commission (SFC) on February 9th, aiming to secure approval to function as a virtual asset trading platform (VATP).

With this move, the total number of applicants vying for regulatory clearance climbs to 17, joining other prominent industry contenders such as Bybit, Bullish, OKX, and VAEX, as indicated on the official SFC website.

Crypto Exchanges Need to Apply for License or Face Closure

In a bid to position Hong Kong as a thriving crypto hub while maintaining regulatory oversight, the SFC has set a stringent deadline of February 29th for exchanges to apply for a license or face potential closure by May 31st.

Currently, only two platforms – OSL and HashKey Exchange – have been granted permission to cater to retail investors in Hong Kong. While another 18 applications are in the process of being reviewed, Crypto.com’s recent application underscores the sustained interest within the industry to establish a presence in the Asian market.

The SFC’s stance is unequivocal: unlicensed exchanges operating within Hong Kong will be shuttered. To safeguard investors, the regulator has advised individuals to verify whether their chosen platform has applied for a VATP license and to contemplate transferring their accounts to licensed platforms before the May 31st deadline.

Nevertheless, it’s important to note that merely applying for a license does not guarantee approval. Consequently, the fate of Crypto.com’s application, along with those of other contenders, remains uncertain as they navigate the regulatory process.

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I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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