Crypto News :
The Hong Kong Securities and Futures Commission (SFC) is reportedly preparing to issue licenses to at least eight cryptocurrency companies before the end of this year.
The move is part of Hong Kong’s ongoing efforts to establish itself as a hotspot for web3 innovation, and it coincides with the upcoming implementation of the SFC’s Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Ordinance in June.
According to sources familiar with the matter, the SFC has already expanded its crypto oversight team, and the regulator aims to approve a minimum of eight web3 projects by year-end.
At the Wow Summit in Hong Kong on March 29, Angelina Kwan, a former SFC executive, confirmed that this exercise is part of the regulator’s crypto licensing program under the new ordinance.
Hong Kong’s recent embrace of bitcoin and other cryptocurrencies has made it an attractive destination for web3 firms.
At present, over 80 crypto market participants, including Huobi, OKX, and several others, are waiting for approval from the SFC.
While the CEO of the SFC, Leung Fung-yee, has clarified that only highly liquid digital assets will be accessible to retail traders, the specific cryptocurrencies that will be available for trading have not been announced.
