The Hong Kong Securities and Futures Commission (SFC) has granted a digital asset exchange license to Hong Kong Digital Asset Xchange (HKDAEx), even though the application was submitted after the May 31 deadline.
According to the listing, HKDAEx, which is a member of the Hong Kong Financial Asset Exchange Group, applied for the license on August 27.
However, this application would still need to be reviewed even though it has been approved by the SFC. This is to ensure that all requirements are met and that no fundamental issues are unresolved.
This news comes as Hong Kong recently introduced stricter regulations for virtual assets. Since June 1, operating an unlicensed virtual asset trading platform (VATP) has become illegal.
Some platforms have received preliminary approvals but are still waiting for full licensing. Currently, only two platforms, OSL Digital Securities and Hash Blockchain, have complete licenses.
Other major exchanges, such as Crypto.com, Bullish, and Matrixport HK, are still working on getting their full licenses under a temporary setup for businesses operating before the new rules came into effect.
Moreover, Hong Kong is working to become a top global hub for digital assets. According to the 2024 Henley Crypto Adoption Index recently released by Henley & Partner. Hong Kong is ranking second among the top countries adopting cryptocurrency.
Also Read: HashKey Exchange Adds AVAX and LINK for Retail Trading in Hong Kong
