Hong Kong's crypto exchanges face hurdles, as SFC identifies unsatisfactory practices and withdrawn license applications.

Hong Kong's ambition to create a digital-asset hub faces hurdles as the Securities and Futures Commission (SFC) identifies unsatisfactory practices in some "deemed-to-be-licensed" crypto exchanges during on-site inspections. Weak cybersecurity measures and inadequate safeguards for client assets were found. Over a dozen companies withdrew their license applications, and full licenses are expected by 2024 for those meeting requirements.

August 22, 2024
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