HTX utilized for a crypto license for its native department in Hong Kong on Feb. 20, planning to function HBGL Hong Kong Restricted within the area.
Cryptocurrency change HTX (previously Huobi) has joined the group of candidates in search of approval to start out providing providers in Hong Kong.
In keeping with the Securities and Futures Fee’s (SFC) website, HTX desires to get a digital asset buying and selling platform (VATP) license for its native subsidiary known as Huobi HK operated by HBGL Hong Kong Restricted. Consequently, Huobi turned the newest crypto firm to hunt a VATP license in Hong Kong after the native authorities introduced a brand new regulatory regime in late 2022.
HTX’s software comes shortly after Bybit, one other crypto change, additionally filed an software in search of licensing from the SFC to function in Hong Kong. Regardless of the heightened curiosity from crypto firms, the SFC has granted licenses to solely two exchanges in Hong Kong to date. OSL and HashKey Change secured licenses in December 2020 and November 2022, respectively.
Nevertheless, criticisms have emerged concerning the effectiveness of Hong Kong’s crypto strategy. Wang Yang, vice chairman of the Hong Kong College of Science and Know-how, voiced concerns in regards to the present licensing system, labeling it as burdensome and counterproductive. He additionally coined the time period “Licensed to Be Killed” to focus on the challenges confronted by licensed exchanges similar to OSL, which have encountered vital losses post-approval to function within the area.