Hong Kong-based crypto buying and selling platform DFX Labs has made strides towards acquiring a full operational license throughout the area. The platform achieved clearance beneath Hong Kong’s Anti-Cash Laundering and Counter-Terrorist Financing Ordinance (AMLO).
Buying and selling Authorization Pending
In response to public information maintained by Hong Kong’s Securities and Futures Fee (SFC), DFX Labs has been acknowledged as “deemed to be licensed for offering the digital asset service.” This standing, nevertheless, doesn’t prolong to authorization for crypto buying and selling companies.
The SFC explicitly said that whereas DFX Labs holds an lively AMLO license, it has not but been granted a buying and selling license, and its software stays pending.
DFX Labs submitted its software for the Hong Kong crypto license on December 27, 2023, itemizing Simon Au Yeung as the first applicant. The platform was deemed to be licensed for its digital asset service as of June 1.
Regardless of these developments, DFX Labs’ web site continues to function as an unlicensed digital asset platform and is inaccessible to Hong Kong residents.
DFX Labs nears full operational license in Hong Kong, awaits remaining approval for crypto buying and selling
Hong Kong-based crypto buying and selling platform DFX Labs is nearing the acquisition of a full operational license within the area, having secured clearance beneath the Anti-Cash Laundering and…
— CoinNess International (@CoinnessGL) June 25, 2024
Selling Offshore Hub
In associated information, three Hong Kong authorities entities—the Hong Kong Financial and Commerce Workplace in Toronto (Toronto ETO), Make investments Hong Kong (InvestHK), and StartmeupHK (SMUHK)—just lately collaborated to advertise Hong Kong as an offshore know-how hub appropriate for Canadian crypto and Web3 startups.
This effort was highlighted at a convention in Toronto, the place Emily Mo, Director of Toronto ETO, emphasised Hong Kong’s supportive regulatory setting for startup ventures, citing benefits akin to decrease taxes in comparison with Canada.
Earlier in Could, all crypto exchanges working with no license in Hong Kong had been mandated to stop operations. A number of outstanding world exchanges, together with OKX, Huobi HK, and Bybit, withdrew their license purposes amid regulatory uncertainties.
