September 3, 2024
By Correspondent
The Hong Kong Securities and Futures Commission (SFC) has issued a digital asset exchange license to Hong Kong Digital Asset Xchange (HKDAEx) despite the fact that the official deadline has already elapsed. HKDAEx, a local cryptocurrency exchange, submitted its application on August 27, which was a full three months after the May 31 deadline.
This unexpected development has raised questions regarding the internal processes of the SFC. Have they relaxed their regulations, or is there a deeper narrative at play?
The regulators retain the option to reject the application if they determine it to be incomplete or if there are unresolved fundamental issues.
As of June 1, 2023, all Virtual Asset Trading Platforms (VATPs) are required to obtain a license to operate in Hong Kong. To date, only a limited number of firms have successfully navigated the regulatory requirements, while numerous applications remain in a state of pending review.
Additionally, the “Crypto Travel Rule” mandates that any virtual asset transfer exceeding HK$8,000 (approximately $1,000) must be accompanied by extensive documentation.
Service providers are obligated to disclose all transaction details without exception. In parallel, the Hong Kong Monetary Authority (HKMA) has been enforcing regulations for stablecoin issuers since early 2024.
They have established a comprehensive regulatory framework stipulating that: “Entities issuing fiat-referenced stablecoins must be incorporated locally, possess adequate financial resources, and adhere to sound governance practices.”
The HKMA has also introduced a regulatory sandbox, allowing only select participants to engage, thereby assessing their capability to operate effectively under regulated conditions.
This initiative follows a public consultation that concluded in July, and preparations are underway to present a new proposal to the Legislative Council. Custody remains a significant issue as well. In February, the HKMA released new guidelines for digital asset custodians, emphasizing the need for enhanced governance.
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