Many global crypto exchanges — including OKX, Gate.io and HTX — have withdrawn their VATP license applications in Hong Kong.
A Hong Kong lawmaker has raised concerns over the “excessively stringent” regulations for crypto exchanges to obtain a license, criticizing that these rules have pushed major global exchanges away from entering Hong Kong and have dampened market confidence.
The Securities and Futures Commission stipulates that crypto trading platforms that fail to submit their license applications by Feb. 29 must close down their businesses in Hong Kong by May 31. The regulator said that after June 1, all VATPs operating in Hong Kong must be either licensed by the SFC, or “deemed-to-be-licensed” applicants.
Many global exchanges — including OKX, Gate.io and HTX — have thus withdrawn their license applications in Hong Kong. The lawmaker added that some license applicants had told him that the authorities lack a forward-looking vision for developing next-generation fintech and that promoting Web3 with a traditional finance mindset lacks flexibility.
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