Catenaa, Thursday, December 19, 2024 – Hong Kong Securities and Futures Commission has granted licenses to another four cryptocurrency exchanges, further strengthening the city’s bid to become a global hub for digital asset trading.
According to a Reuters report the approved platforms—Accumulus GBA Technology, DFX Labs Company, Hong Kong Digital Asset EX, and Thousand Whales Technology—bring the total number of licensed exchanges in Hong Kong to seven. The city previously greenlit HashKey, OSL, and HKVAX under its regulatory framework.
The approvals come amid intensifying competition with other jurisdictions like Singapore and Dubai, which are also vying for dominance in the crypto sector. Nick Ruck, a director at LVRG Research, noted that the latest additions underscore Hong Kong’s long-term vision and commitment to positioning itself as a leader in digital assets.
Earlier this year, Hong Kong launched Asia’s first spot Bitcoin and Ethereum exchange-traded funds (ETFs), a move that followed the U.S.’s debut of its spot Bitcoin ETFs. Analysts believe the influx of trading platforms could reduce ETF management fees, making the products more attractive to investors.
Bitcoin has soared over 50% since pro-crypto Donald Trump won the U.S. presidential election, reaching a record $107,000 this week, further fueling interest in the sector.
Hong Kong’s swift licensing process for these platforms highlights the city’s proactive approach to fostering a vibrant digital asset market.
