DFX Labs, a cryptocurrency trading platform based in Hong Kong, has made significant progress towards obtaining a full operational license in the region. The company has received clearance from the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO), as confirmed by public records from the Securities and Futures Commission (SFC) of Hong Kong. These records indicate that DFX Labs is considered to be licensed to provide virtual asset services.
However, it is important to note that while DFX Labs holds an active AMLO license, it is not yet authorized to offer crypto trading services. The records reveal that DFX Labs applied for the Hong Kong crypto license on December 27, 2023, with Simon Au Yeung, the company’s chief operating officer, as the primary applicant. The license was deemed to be granted on June 1.
Despite this development, the DFX Labs website remains unlicensed and inaccessible to residents of Hong Kong, as evidenced by the warning displayed on the site. It is clear that the company is still in the process of obtaining all the necessary permissions to operate as a virtual asset platform in Hong Kong.
In other news related to the cryptocurrency industry in Hong Kong, the government has been actively trying to attract global startups in the sector. The Hong Kong Economic and Trade Office in Toronto (Toronto ETO), Invest Hong Kong (InvestHK), and StartmeupHK (SMUHK) recently organized an event in Toronto to promote Hong Kong as an offshore technology hub for Canadian crypto and Web3 startups. During the event, Emily Mo, the director of Toronto ETO, emphasized the startup-friendly regulations in Hong Kong, including lower taxes compared to Canada and the government’s willingness to collaborate with pre-commercial specialist technology companies.
It is worth noting that in May, all crypto exchanges operating without a license in Hong Kong were compelled to cease their operations. Many exchanges that had initially applied for a license eventually withdrew their applications, including prominent global players like OKX, Huobi HK, and Bybit.
In a separate development, Conor Daly, the driver representing Polkadot’s team in the Indy 500 race, revealed that his father holds DOT, the cryptocurrency associated with the Polkadot network.