Accumulus GBA, DFX Labs, HK Digital Asset EX, and Thousand Whales must meet regulatory requirements to fully operate.
Hong Kong’s Regulatory Push
The Securities and Futures Commission (SFC) in Hong Kong has conditionally approved licenses for four crypto exchanges. These include Accumulus GBA Technology, DFX Labs, Hong Kong Digital Asset EX, and Thousand Whales Technology. This decision reflects Hong Kong’s commitment to fostering a secure and innovative crypto ecosystem while prioritizing investor protection.
Security and Compliance Tests
The approved exchanges must undergo rigorous third-party vulnerability assessments and penetration tests to address any potential security risks. These measures ensure the platforms can safeguard user assets and operate with the highest security standards. By enforcing these conditions, the SFC aims to build investor trust and reduce systemic risks in the crypto trading market.
Roadmap for Licensing
The SFC has outlined a clear roadmap to help exchanges navigate the licensing process and comply with local regulations. The roadmap includes detailed expectations and timelines to ensure platforms meet regulatory standards efficiently. This initiative aims to create a robust framework for virtual asset trading while streamlining the compliance journey for businesses.
The Hong Kong SFC has approved four new cryptocurrency exchanges. 1) Accumulus GBA Technology 2) DFX Labs 3) Hong Kong Digital Asset EX 4) Thousand Whales Technology This brings the total number of licensed virtual asset trading platforms in Hong Kong to 7. #Bitcoin…
Long-Term Goals for Investor Protection
The licensing effort aligns with the SFC’s broader goal of balancing innovation with security in the fast-evolving crypto industry. Licensed platforms are required to implement stringent measures to safeguard funds, detect fraud, and deter manipulation. These conditions aim to bolster investor confidence and enhance the overall legitimacy of the crypto market in Hong Kong.
Disclaimer:
The information provided on 13Desk is for informational purposes only and should not be considered financial advice. We strongly recommend conducting your own research and consulting with a qualified financial advisor before making any investment decisions. Investing in cryptocurrencies carries risks, and you should only invest what you can afford to lose. 13Desk is not responsible for any financial losses incurred from your investment activities.
