HONG KONG, December 19, 2024 - According to a report from Reuters, the Hong Kong securities regulator has just approved four more coin exchanges, marking a significant step in efforts to become a global digital asset trading hub.
These four new exchanges include Accumulus GBA Technology (Hongkong) Co., DFX Labs Company, Hong Kong Digital Asset EX, and Thousand Whales Technology (BVI), bringing the total number of licensed virtual asset trading platforms in the city to seven. Previously, Hong Kong had licensed three other exchanges: HashKey, OSL, and HKVAX.
Nick Ruck, director of LVRG Research, noted that the entry of new exchanges reflects Hong Kong's long-term vision and commitment to digital assets, while emphasizing that international competition to become the world's crypto hub is becoming fiercer, as companies have flocked to other markets like Singapore and Dubai.
The securities regulatory agency stated that the latest approvals were made under their fast-tracked licensing process.
In April, Hong Kong launched Asia's first spot coin and ether trading ETFs, following the introduction of spot bitcoin ETFs in the U.S. three months earlier. These ETF products track the price of bitcoin, and the increase in the number of trading platforms is expected to help lower ETF management fees, making ETFs more attractive.
Notably, the price of Bitcoin has increased by more than 50% since crypto-supporting candidate Donald Trump won the U.S. presidential election on November 5, reaching a record high of over 107,000 USD last Tuesday.
With these developments, Hong Kong is asserting its position in the digital asset field, sending a strong message about its long-term commitment to the global coin and altcoin market.
Source: Reuters
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