ChainCatcher news, Dr. Ye Zhi Heng, Executive Director of the Intermediaries Division of the Hong Kong Securities and Futures Commission, stated that virtual assets have now become a top agenda for every financial regulatory authority.Hong Kong currently has three licensed virtual asset trading platforms, and is processing applications from an additional 15 platforms. Investors can expect more licensed platforms to comply with the SFC's robust investor protection measures.

ChainCatcher news, at the TON Gateway 2024 conference held in Dubai, Ben El-Baz, Managing Director of the licensed exchange HashKey Global, announced that HashKey Global has currently submitted a license application to the Dubai Virtual Assets Regulatory Authority (VARA) and will soon disclose the latest developments. The exchange is also advancing preparations for licensing in Europe.Ben stated that since its launch six months ago, HashKey Global has benefited from the rapid growth of its contract business, ranking 7th in the global exchange rankings on CoinGecko, making it one of the fastest-growing exchanges in the world.

ChainCatcher news, according to Cointelegraph, with the implementation of new regulations, the Turkish cryptocurrency market is experiencing growth opportunities, attracting significant attention from local and international companies. According to the announcement from the Turkish Capital Markets Board (CMB), 47 cryptocurrency companies have applied for licenses, including well-known exchanges Bitfinex, Binance TR, and OKX TR. However, exchanges such as Coinbase, Bybit, KuCoin, MEXC, and Gate have not yet submitted applications.

ChainCatcher news, according to CoinDesk, the French market regulator (AMF) has stated that it began accepting applications for the Crypto Asset Service Provider (CASP) license on July 1. This makes it the first major economy in the EU to open applications, as most provisions of the EU crypto asset market (MiCA) rules will come into effect by the end of this year. Crypto companies need to obtain a license under this regime by July 2026 to continue providing services in the EU. The AMF has historically welcomed cryptocurrency companies, with 74 companies already registered under its regime as of May last year.

ChainCatcher news, the Hong Kong Securities and Futures Commission held a briefing for applicants of virtual asset trading platforms on June 12, 2024. More than 60 participants attended, including representatives and advisors of applicants considered for licensing.Dr. Yip Chi-hang, Executive Director of the Intermediaries Division of the Securities and Futures Commission, and Ms. Wong Lok-yan, Director of the Licensing Division and Head of the Fintech Group, outlined the competencies that these applicants should possess and explained the licensing application process as well as introduced their on-site inspection procedures.

ChainCatcher news, Hong Kong has released 11 deemed-to-be-licensed applicants. Previously, Binance, OKX, HTX, Bybit, Gate, and others withdrew their applications.According to exclusive information from Wu, the reason is that the Hong Kong SFC requires all virtual asset trading platform license applicants to sign a commitment letter, promising not to have users from mainland China in any region. This requirement has made it impossible for traditional offshore exchanges to comply. OKX attempted to form an industry alliance to oppose this requirement but ultimately to no avail.However, industry insiders indicate that the entities that withdrew can reapply in the future after updating their legal entities or frameworks, but they should not be able to use brands similar to those of offshore exchanges for their applications.Currently, HKbitEX, PantherTrade, Accumulus, DFX Labs, Bixincom, xWhale, YAX, Bullish, Cryptocom, WhaleFin, and Matrixport HK have become the 11 licensed applicants.Hong Kong's move has also drawn criticism. Hong Kong Legislative Council member Chiu Tat-gan stated in a newspaper article today that OKX's exit has sparked discussions in the industry, questioning whether Hong Kong truly has the determination to develop and embrace Web3. Most of the current applicants are relatively small in scale, and Hong Kong cannot retreat to a safe line from the very beginning, fantasizing about implementing a so-called innovation with zero risk.

ChainCatcher news, the transitional period for virtual asset service provider (VASP) licensing in Hong Kong will end at the end of this month. The Securities and Futures Commission will decide whether existing service providers can continue operations after June. Recently, several platforms have withdrawn their license applications in Hong Kong. The former president of the Hong Kong Computer Society, Xu Jiansheng, believes that the cost of operating a trading platform in Hong Kong is relatively high, such as licensing fees and hiring responsible personnel. The trading volume of existing platforms in Hong Kong has not significantly increased, liquidity is lower than that of overseas platforms, and they have failed to attract overseas customers. Additionally, the market may not be able to accommodate numerous license applicants, and large international platforms with mature overseas businesses may withdraw their applications due to profitability issues in the local market.

ChainCatcher news, Jack Kong, founder of Nano Labs, director of Hong Kong Cyberport Management Company, and member of the Hong Kong Third Generation Internet Development Task Force, posted on social media that leading exchanges have withdrawn their VASP (Virtual Asset Service Provider) license applications in Hong Kong. This will not have a significant impact on these exchanges, but it is not a good sign for the development of Web3 in Hong Kong.He stated that the U.S. Securities and Exchange Commission has begun to follow the trend, and Hong Kong regulators need to keep up; otherwise, the Hong Kong government's efforts to develop Web3 will face greatly increased difficulties. Nevertheless, he remains optimistic about Hong Kong and will continue to express policies that he believes are beneficial for Hong Kong's development.

According to ChainCatcher news, the latest update from the Hong Kong Securities and Futures Commission (SFC) official website shows that VAEX's application for a virtual asset trading platform license has been withdrawn on May 24. Relevant information indicates that the name of the virtual asset trading platform operator company submitted by VAEX is "Hong Kong VAEXC Limited," with no applicable Chinese name. VAEX initially submitted the application for the virtual asset trading platform license to the Hong Kong SFC on November 25, 2023. As of now, the number of applicants for virtual asset trading platform licenses that have been withdrawn or returned, as announced by the Hong Kong SFC, is 10, with 1 returned, and the number of applicants for virtual asset trading platform licenses stands at 18.

ChainCatcher news, according to the official announcement, Gate.HK has proactively submitted a request to the Hong Kong Securities and Futures Commission on May 22 to withdraw its application for a virtual asset trading platform license.Gate.HK CEO Kevin Lee stated: "Currently, Gate.HK is readjusting its business direction. Our team places great importance on compliant operations in Hong Kong and will continue to maintain normal operations in Hong Kong while meeting compliance requirements and providing the best service experience for users. We are also actively exploring the possibility of applying for other compliant licenses, which includes but is not limited to reconsidering the application for a Hong Kong virtual asset trading platform license or other types of compliant licenses in the region."

ChainCatcher news, according to The Block, the local regulatory agency's website states that Huobi Hong Kong has withdrawn its VATP license application in Hong Kong for the second time. The Hong Kong financial regulator did not specify the reason for the withdrawal of the application.It is reported that the company's previous application was withdrawn on February 23 and was resubmitted on February 26.

ChainCatcher news, according to the official website of the Hong Kong Securities and Futures Commission, the virtual asset trading platform license application submitted by HKVAEX has been withdrawn.Relevant information shows that the name of the virtual asset trading platform operator company submitted by HKVAEX is "BX SERVICES LIMITED," the application submission date was January 4, 2024, and the application was withdrawn on March 28, 2024.According to the information disclosed by the Hong Kong Securities and Futures Commission, the reasons for the license application being returned, rejected, or withdrawn include but are not limited to the following: the license application was returned by the SFC due to incompleteness and/or unresolved significant issues; and the license application was rejected or withdrawn.Previously, on January 4, HKVAEX submitted a virtual asset trading platform license application to the Hong Kong Securities and Futures Commission. Informed sources stated that HKVAEX was established by Binance to obtain a cryptocurrency business license in Hong Kong. The HKVAEX trading platform's website shows that it is using Binance servers to obtain content, and there are similarities in the shared code of the two companies, with nearly identical templates for terms of use, indicating that the two companies may also share legal resources. In response, a Binance spokesperson stated that HKVAEX does not belong to the Binance group of companies.

ChainCatcher news, according to the official website of the Hong Kong Securities and Futures Commission, hi5 (Hong Kong) Limited (HKX) and QuanX Lab Limited (QuanXLab) have submitted applications for virtual asset trading platform licenses to the Hong Kong Securities and Futures Commission on February 29. The English name of the operator company for HKX is "hi5 (Hong Kong) Limited", and there is no Chinese name available; the English name of the operator company for QuanXLab is "QuanX Lab Limited", and the Chinese name is "全毅科技有限公司".As of now, the number of applicants for virtual asset trading platform licenses announced by the Hong Kong Securities and Futures Commission has reached 24. Previously, the Hong Kong Securities and Futures Commission stated that virtual asset trading platforms should submit license applications by February 29, otherwise they must cease operations in Hong Kong by May 31.

ChainCatcher news, Gate.HK has submitted a virtual asset trading platform license application to the Hong Kong Securities and Futures Commission. The name of the submitted virtual asset trading platform operator company is "Gate Digital Limited," and the application was submitted on February 28.As of now, the number of applicants for the Hong Kong virtual asset trading platform license has reached 22, with 3 applications withdrawn and 1 application returned.

According to ChainCatcher news, as disclosed on the official website of the Hong Kong Securities and Futures Commission, virtual asset trading platforms operating in Hong Kong must submit a license application to the SFC by February 29, 2024, or they will have to cease their operations in Hong Kong by May 31, 2024. Investors using these virtual asset trading platforms should prepare in advance.

ChainCatcher news, according to the latest updates from the Hong Kong Securities and Futures Commission (SFC) official website, Huobi HK has once again entered the list of applicants for the virtual asset trading platform license by the Hong Kong SFC. Relevant information shows that the company name of the virtual asset trading platform operator submitted by Huobi HK is "HBGL Hong Kong Limited," and the application submission date is February 26, 2024.Previously, it was reported that Huobi HK submitted a virtual asset trading platform license application to the Hong Kong SFC on February 20, and the official website indicated on the 24th that the license application had been withdrawn.

ChainCatcher news, according to the latest update from the Hong Kong Securities and Futures Commission (SFC) official website, Willows Asia Technology Company Limited has submitted an application for a virtual asset trading platform license to the SFC on February 22, with the platform name "IBTCEX".As of now, the number of applicants for virtual asset trading platform licenses announced by the Hong Kong SFC has reached 19, with 3 applications withdrawn and 1 returned.

ChainCatcher news, according to the official website of the Hong Kong Securities and Futures Commission, Huobi HK has submitted an application for a virtual asset trading platform license to the Hong Kong Securities and Futures Commission. The application information shows that the company name of the virtual asset trading platform operator submitted by Huobi HK is "HBGL Hong Kong Limited," and the application submission date is February 20, 2024.As of now, the number of applicants for virtual asset trading platform licenses announced by the Hong Kong Securities and Futures Commission has reached 18.