Deadline Looms for Hong Kong-Based Crypto Exchanges

Hong Kong has been positioning itself as a crypto hub to attract new capital and talent. It also appears to want to reclaim its position as a global financial hub, looking to tap into growing industry interest and investment.

The government is keen to embrace the crypto ecosystem. This is evident through implementation of fresh regulations to oversee crypto exchanges and en$able trading for retail investors.

Earlier this week, Hong Kong’s SFC issued a warning to crypto investors. They advised using only licensed trading platforms and urged verifying the status of the exchanges they’ve signed up for.

The announcement comes as Hong Kong-based virtual asset trading platforms must apply for licenses by Feb. 29 or cease operations by the end of May.

Hong Kong is also set to follow the US in approving spot Bitcoin ETFs. In December, both the SFC and the Hong Kong Monetary Authority announced they would accept applications for virtual asset spot ETFs. They also provided standards of conduct for intermediaries looking to distribute these funds.

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