Hong Kong is seeing a decline in the number of crypto exchanges seeking operational licenses, even with the approaching deadline. In recent news, three crypto exchanges, IBTCEX, QuanXLab, and Huobi HK, have withdrawn their license applications from the Securities and Futures Commission of Hong Kong (SFC). These applications were initially filed in February 2024.
The Hong Kong SFC’s website does not reveal the reasons behind the withdrawals, but a total of seven crypto exchanges have now withdrawn their license applications in 2024. It is important to note that all cryptocurrency exchanges that have not applied for a license must cease operations in Hong Kong by May 31.
Despite the withdrawals, there are still 21 crypto exchanges in line for a license in Hong Kong. This includes prominent global players like Bybit, Crypto.com, Matrixport HK, HKX, and OKX. The most recent application was submitted on May 17 by Bitcoin World Technology Limited on behalf of the “bitcoinworld” crypto exchange.
In other news, the Hong Kong Monetary Authority (HKMA) has launched a pilot program for the digital yuan, marking the first deployment of the CBDC outside of mainland China. Hong Kong residents can currently create an e-CNY wallet using only their mobile phone number. While this wallet allows for cross-border payments, it cannot be used for person-to-person transactions. The pilot program aims to enable Hong Kong residents to conduct transactions directly from their digital yuan wallets, which can be funded through 17 retail banks using the Faster Payment System (FPS).
Eddie Yue, the chief executive of the HKMA, has stated that the e-CNY application and wallet will gradually gain more functionality as the HKMA and PBoC (People’s Bank of China) collaborate to encourage more adoption by retail merchants.
Lastly, in unrelated news, there is a documentary available on Amazon Prime about the FTX collapse, priced at $2,500. The documentary received assistance from the filmmaker’s mother.
(Source: Hong Kong SFC)