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Hong Kong's Retail Crypto Trading Sector Set to Flourish as Firms Eye Licenses

Hong Kong's Retail Crypto Trading Sector Set to Flourish as Firms Eye Licenses

Starting June 1st, Hong Kong's retail crypto trading scene is set to witness an exciting phase of expansion and development.

The anticipated opening of Hong Kong's retail crypto trading market on June 1st has sparked a scramble amongst cryptocurrency firms. These companies are lining up to submit applications for the coveted Virtual Asset Service Provider (VASP) license.

CoinEx, a Hong Kong-based crypto exchange, is the latest entrant in this license chase. The company announced on May 29th its plans to introduce a local platform, BitHK. On June 1st, the latter will allegedly file for a VASP license with Hong Kong's securities regulator.

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In tandem with CoinEx, another crypto exchange Huobi revealed via Twitter that its Hong Kong entity was set to offer crypto trading services to the administrative region's retail traders.

Huobi lodged its VASP application with the Securities and Futures Commission (SFC) on May 29th.

This surge of license applications isn't limited to these two exchanges. Last week, and BitMEX declared their intentions to enter the Hong Kong crypto market and reported having submitted their applications. Other key players, such as OKX, ZA Bank (Hong Kong’s largest digital bank), and a subsidiary of the Chinese state-owned conglomerate Greenland Holdings, have also indicated their interest in obtaining a VASP license.

On May 23rd, the SFC gave a green light for licensed VASPs to cater to retail investors beginning June 1st. The regulator invited companies to apply for a license, provided they are ready to adhere to its guidelines regarding security standards, safe asset custody, asset segregation, and more.

As June 1st approaches, the scramble for Hong Kong's retail crypto market shows the high-stakes race among crypto firms. As this unfolds, the future of the city as a crypto hub hangs in the balance, attracting global attention.

Gile K., Market Sentiment Analyst
Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she's not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.



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