Monday, 26 February 2024
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CryptoCrypto RegulationsWorld

The Hong Kong SFC has received an application from Bixin

  • Bixin has applied to the Hong Kong SFC for a license to operate as a cryptocurrency exchange.
  • Thirteen additional cryptocurrency companies have also submitted applications for comparable licenses.
  • Following the $182 million JPEX incident, Hong Kong has increased its regulatory measures.

The platform for trading virtual assets Bixin has applied to the Hong Kong Securities and Futures Commission for a license to operate as a cryptocurrency exchange.

When combined with OSL and HashKey, the platform run by NewBX Limited is the only cryptocurrency exchange in Hong Kong with a license. Thirteen additional cryptocurrency companies have also submitted applications for comparable licenses.

Hong Kong SFC

Meex Digital Securities Limited, Hong Kong Virtual Asset Exchange Limited, and OKX Hong Kong are a few of the other applicants who have submitted applications for the cryptocurrency exchange license in Hong Kong.

Following the $182 million JPEX incident, which resulted in the arrest of over two dozen people, Hong Kong has increased its regulatory measures.

Local media stated that Chan Ho-Lin, the Deputy Secretary for Financial Services and the Treasury, stressed the government’s proactive role in promoting the development of virtual assets and the third-generation Internet ecosystem during his remarks at the Asian Financial Forum.

He declared his intention to reform the rules so that virtual assets may be exchanged over the counter and that these transactions would be regulated.

Chan added that efforts are being made by the government to guarantee that the regulatory framework efficiently controls and minimizes risks related to virtual assets, both real and possible. He continued, “At the same time, the goal is to create a predictable and transparent regulatory environment to support the industry’s development.

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