LATEST: Hong Kong Nears Granting Permits to 11 Crypto Exchanges

Hong Kong’s drive to become a leading digital asset center is gaining momentum as 11 cryptocurrency exchanges, including giants like Crypto.com and Bullish, inch towards obtaining licenses. This regulatory push, outlined on the Securities & Futures Commission’s website, highlights the city’s intent to build a robust framework fostering investor protection and stringent compliance.

The region’s initiatives are part of a broader effort to restore its financial center status, introducing measures such as the launch of spot-Bitcoin and Ether exchange-traded funds, and plans for stablecoins and digital bond tokenization. Despite notable withdrawals from top exchanges like OKX and Bybit, Hong Kong remains competitive with global hubs like Dubai and Singapore in the race to dominate the digital asset space.

With a June 1 deadline for exchanges to be licensed or deemed so, Hong Kong is poised to attract significant investment. While mainland China maintains a ban on digital-asset trading, Hong Kong’s open market and upcoming licenses offer a gateway for global investors, underscoring the city’s potential as a leading financial hub.

Bloomberg

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