The retail trading system in Hong Kong is just days away from being live, and cryptocurrency exchanges are eager to expand there.
With several cryptocurrency companies announcing their intentions to start applying for licenses on June 1, the race to draw retail bitcoin traders to Hong Kong is expected to get more intense. By introducing a regional platform dubbed BitHK, CoinEx, a Hong Kong-based cryptocurrency exchange, announced its debut into the city’s market.
On June 1st, CoinEx intends to submit to the securities regulator its Virtual Asset Service Provider (VASP) license application. Another significant exchange, Huobi, announced on Twitter that its Hong Kong business is now providing cryptocurrency trading services to local retail traders. The Securities and Futures Commission (SFC) received Huobi’s VASP application on May 29th.
Last week the exchanges Gate.io and BitMEX announced their applications and dedicated Hong Kong crypto trading services.
Launch of HKLVAA and Web3 Harbour
The Hong Kong Licensed Virtual Assets Association (HKLVAA) and Web3 Harbour were introduced as new trade associations for the cryptocurrency industry on May 2th9. The HKLVAA focuses on offering assistance to businesses with Virtual Asset Service Provider (VASP) licenses and those looking to get licenses in Hong Kong. On the other side, Web3 Harbour strives to support and promote the expansion of regional local Web3 development.
These recently formed industry associations show how the cryptocurrency sector is becoming more significant and well-known in Hong Kong. They want to foster collaboration and creativity within the city’s crypto ecosystem by providing for the particular requirements of VASP-licensed businesses and encouraging Web3 development.