Hong Kong has received applications from 22 crypto firms seeking licenses to operate as crypto exchanges offering retail trading services.
The move is part of Hong Kong's efforts to establish itself as a regional crypto hub.
The city's Securities and Futures Commission (SFC) received applications from a number of firms, including OKX, Bybit, Bullish, Crypto.com, Huobi HK, Matrixport HK and Gate.HK, ahead of the February 29 deadline.
Notably, HKVAEX, a crypto platform reportedly affiliated with Binance, has also submitted its application.
Since the official launch of the licensing regime last year, Hong Kong has licensed two platforms, HashKey and OSL.
Crypto platforms operating in Hong Kong that have not applied for a license will be required to cease operations by the end of March, the SFC stated on its website.
In addition to overseeing crypto trading platforms, Hong Kong is also preparing to regulate the issuance of stablecoins.
Hong Kong Financial Secretary Paul Chan announced in his budget speech on Wednesday that the Hong Kong Monetary Authority (HKMA) plans to introduce a regulatory sandbox for stablecoin issuers in the near future.
In December, the Financial Services and Treasury Bureau and the HKMA jointly launched a consultation on the regulation of stablecoin issuers until February 29. They suggested that all issuers of fiat-referenced stablecoins should obtain a license from the HKMA.
Chan also added that the government plans to expand the pilot scope of China's central bank digital currency, e-CNY, which is currently in trial phase, to improve cross-border payment efficiency.
*This is not investment advice.
