​Huobi, OKX, and Gate exchanges open cryptocurrency trading in Hong Kong

What’s new? The Huobi, OKX, and Gate exchanges, which previously applied for a crypto license in Hong Kong, have launched limited digital asset trading for local customers. On May 26, for example, the Huobi team announced the launch of the FireCoin branch. The platform offers transactions in cryptocurrencies such as BTC, ETH, TRX, LTC, BCH, DOGE, SHIB, BTT, SOL, and ADA. Earlier, Huobi CEO Justin Sun also hinted at the launch of a stablecoin pegged to the Hong Kong dollar (HKD).

#火幣 #香港 正式出擊！火幣香港 (Huobi Hong Kong) 蓄勢待發已準備好為用戶提供加密貨幣交易服務！香港新規是推動香港成為全球 Web3 中心的重要一步，火幣香港順勢而為，全力抓住這一歷史機遇，全力以赴迎接香港 Web3 新政。目前火幣香港已經在商品層面為所有 Web3… pic.twitter.com/2R78ugQCt6 — 火币Huobi中文频道 (@HuobiGlobalzh) May 26, 2023

What do OKX and Gate offer? On May 23, Gate launched Gate.HK, a platform that supports spot trading in BTC, ETH, and LTC. The new platform complies with regulatory requirements and aims to provide users with safe, fast, and reliable services, the statement says. In addition, the platform is ready to apply for a Virtual Asset Service Provider (VASP) license from the Hong Kong Securities and Futures Commission (SFC). According to recent announcements, the regulator will begin accepting applications starting June 1.

On May 25, OKX added the option to trade 16 cryptocurrencies to its application for Hong Kong customers. One can buy assets for HKD, via P2P, as well as ApplePay, Visa, and Mastercard through third-party providers. Earlier this year, the exchange also announced the creation of a local company for licensing. It has been preparing for expected regulatory requirements for more than a year, working with authorities in the PRC’s special administrative region. Additional customer features will be released in the coming months, as recommended by the SFC.

What is known about the new regulation? The SFC requirements for crypto companies include separate custody of own assets and customer funds and mandatory identification procedures (KYC), they are aimed at combating money laundering and terrorist financing (AML/CFT), preventing conflicts of interest, abuse, and market manipulation.

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In April, China’s state-owned insurance company CPIC Investment Management announced the launch of two crypto funds in Hong Kong. And in May the media reported that the state-owned PRC Greenland was planning to apply for a license to trade digital assets in the city.