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Unlicensed crypto exchanges face shutdown in Hong Kong

by CoinVeem

Hong Kong’s monetary regulator has issued a warning to cryptocurrency exchanges: acquire a license or shut down. 

The Securities and Futures Fee (SFC) mentioned that every one crypto buying and selling platforms working within the metropolis should apply for a license by the tip of the month. All exchanges that fail to take action might be shut down by Might 31. 

The SFC’s ultimatum is a part of a broader effort to carry cryptocurrency buying and selling into the regulatory fold.

Final June, Hong Kong opened up a licensing regime for crypto exchanges as a part of town’s plans to develop its market right into a regional digital property hub. 

Exchanges in Hong Kong should acquire licenses from the SFC to supply crypto buying and selling providers to the retail sector.

Final August, exchanges HashKey and OSL turned the primary exchanges permitted to serve the retail sector in Hong Kong.

The SFC has but to approve another utility. 

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