DFX Labs Advances toward Hong Kong Crypto License with AMLO Clearance
Hong Kong-based crypto trading platform DFX Labs has madestrides toward obtaining a full operational license within the region. Theplatform achieved clearance under Hong Kongs Anti-Money Laundering andCounter-Terrorist Financing Ordinance (AMLO).
Trading Authorization Pending
According to public records maintained by Hong KongsSecurities and Futures Commission (SFC), DFX Labs has been acknowledged as"deemed to be licensed for providing the virtual asset service." Thisstatus, however, does not extend to authorization for crypto trading services.
The SFC explicitly stated that while DFX Labs holds an active AMLO license, ithas not yet been granted a trading license, and its application remainspending.
DFX Labs submitted its application for the Hong Kong cryptolicense on December 27, 2023, listing Simon Au Yeung as the primary applicant.The platform was deemed to be licensed for its virtual asset service as of June1.
Despite these developments, DFX Labs' website continues tooperate as an unlicensed virtual asset platform and is inaccessible to HongKong residents.
DFX Labs nears full operational license in Hong Kong, awaits final approval for crypto tradingHong Kong-based crypto trading platform DFX Labs is nearing the acquisition of a full operational license in the region, having secured clearance under the Anti-Money Laundering and
CoinNess Global (@CoinnessGL) June 25, 2024Promoting Offshore Hub
In related news, three Hong Kong government entitiestheHong Kong Economic and Trade Office in Toronto (Toronto ETO), Invest Hong Kong(InvestHK), and StartmeupHK (SMUHK)recently collaborated to promote Hong Kongas an offshore technology hub suitable for Canadian crypto and Web3 startups.
This effort was highlighted at a conference in Toronto, where Emily Mo, Directorof Toronto ETO, emphasized Hong Kongs supportive regulatory environment forstartup ventures, citing advantages such as lower taxes compared to Canada.
Earlier in May, all crypto exchanges operating without alicense in Hong Kong were mandated to cease operations. Several global exchanges, including OKX, Huobi HK, and Bybit, withdrew their licenseapplications amid regulatory uncertainties.
This article was written by Tareq Sikder at www.financemagnates.com.