The race to snatch up retail cryptocurrency dealers in Hong Kong is on, with several cryptocurrency firms announcing plans to apply for licenses on June 1.
On May 29, Hong Kong-based cryptocurrency exchange CoinEx became the latest to signal its entry into Hong Kong, saying it would launch a local platform called BitHK on June 1. On the same day, Huobi tweeted that its Hong Kong entity was providing cry ptocurrency trading services to local retail traders. The exchange submitted its VASP application to the Securities and Futures Commission (SFC) on May 29.
Last week exchanges Gate.io and BitMEX announced their applications and dedicated Hong Kong-based cryptocurrency trading services. Others such as OKX; ZhongAn Bank, Hong Kong's largest digital bank; and a subsidiary of China's state-owned diversified indus strial conglomerate Greenland Holdings have all expressed interest in obtaining a VASP license.
The China Securities Regulatory Commission announced on May 23 that licensed VASPs will provide services to retail investors from June 1, and those who are willing to abide by the China Securities Regulatory Commission's guidelines for safe asset custody, safety standards, and asset segregation are welcome to apply for a license. On May 29, two new cryptocurrency industry groups the Hong Kong Licensed Virtual Assets Association (HKLVAA) and Web3 Harbor were announced in a joint statement.
Both are designed to serve different aspects of the industry. HKLVAA aims to serve VASP licensed companies and companies interested in licensing in the city, while Web3 Harbor aims to help local Web3 development.
