Cryptocurrencies
Hong Kong Crypto Exchanges Face Challenges to Get Full Licenses
- Regulator’s on-site inspections found unsatisfactory practices
- City hopes web3 will help revive global financial-hub status
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Hong Kong’s push for a digital-asset hub faces growing pains amid uncertainty over whether 11 crypto exchanges will all achieve full licenses after earlier receiving initial approvals.
The city’s Securities and Futures Commission found unsatisfactory practices at some of the “deemed-to-be-licensed” platforms during on-site inspections carried out since they won the designation in June, people familiar with the situation said, asking not to be identified because the information is private.