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CATEGORY: licence


Jun 26, 2024 12:25

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, 2024

Promoting 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.

Apr 11, 2025 02:30

Bitpanda Secures its Third MiCA License from Austrian Regulator

Bitpanda has now acquired its third MiCA license, this time from Austrias FMA. This new approval would help the company grow its legal presence in Europe. The company first shared the news on the 10th of April, saying that this new license adds to the other two from Germany and Malta. This step makes the […]

Jul 31, 2023 07:10

Binance’s Dubai Subsidiary Becomes First To Gain Operational MVP License

Strengthening its foothold, Binance announced its Dubai subsidiary, Binance FZE, became the first crypto exchange in the world to secure an Operational MVP License from Dubai’s Virtual Assets Regulatory Authority [VARA], initially for institutional and qualified retail investors. The issuance of the operational MVP license, which is seen as a significant accomplishment, follows Binance’s successful […]

Mar 02, 2024 12:25

Crypto Giants Absent as Hong Kong Attracts 24 Companies for Licenses

Twenty-Four companies have applied for licenses to operatedigital asset exchanges in Hong Kong, marking a move in the city's bid toestablish a regulated hub for the industry. Notable applicants include Bybit,OKX, and Crypto.com.

Hong Kong's Bid to Become a Crypto Hub

Among the list of applicants were Gate.io, HTX, and Bullish,each boasting notable trading volumes in the digital asset sphere. Theapplication process came with a deadline of February 29th, after whichplatforms failing to submit must cease operations by the end of May.

Notably absent from the applicant roster were industrygiants like Binance,Coinbase, and Kraken.Industry observers view the application pool as a litmus test for Hong Kong'sappeal as a digital-asset center, particularly amidst intensifying competitionfrom other jurisdictions. The city's nine-month-old virtual-asset regulatoryframework prioritizes investor protection, potentially introducing compliancecosts that could deter some businesses.

The application list is the litmus test for industrysentiment, said Angela Ang, the Senior Policy Adviser at Blockchain IntelligenceFirm TRM Labs. Its a good sign to see a number of well-known players in themix. What Hong Kong really needs is a number of committed, sizable players toanchor its ecosystem.

Ding Chen, the Head of Regulatory Affairs at Bullish,acknowledged the cost implications of operating a regulated business, drawingparallels with traditional financial services. Such considerations are factoredinto companies' overall strategies as they navigate Hong Kong's regulatory landscape.

Over-the-Counter Dominance: Crypto Flows Beyond DigitalExchanges

Hong Kong's pivot towards becoming a crypto hub in late 2022reflects an effort to project a cutting-edge image amid uncertainties about thecity's future. Presently, HashKey Exchange and OSL Group are the onlyauthorized digital-asset exchanges operating in Hong Kong.

UPDATE: #HongKong announces it will no longer accept license applications from #crypto exchanges as of Feb. 29. Noncompliant platforms will face imminent closure, marking a significant shift in the region's cryptocurrency regulatory landscape. #CryptoRegulation #HongKong pic.twitter.com/bVMmL17B1q

Pawe askarzewski (@PawelSynapse) February 29, 2024

Gary Tiu, the Head of Regulatory Affairs at OSL, highlighted theevolving regulatory environment's impact on business construction andemphasized the need to assess associated costs.

Despite Hong Kong's allure as a crypto destination, datafrom Chainalysisindicates that a significant portion of crypto flows into the city occursthrough over-the-counter (OTC) trades rather than digital-asset exchanges.Regulators have initiated crackdowns on small shops facilitatingcash-to-digital asset exchanges, signaling efforts to streamline oversight.

HongKong is actively exploring regulations for stablecoins and consideringthe possibility of allowing exchange-traded funds investing directly in selectcryptocurrencies. In a recent development, the government sold $750 million ofdigital green bonds using HSBC Holdings' tokenization platform, furtherunderscoring the city's foray into digital finance.

This article was written by Tareq Sikder at www.financemagnates.com.

UK banks risk losing licenses for debanking customers over political views

Author: Cointelegraph By Tom Mitchelhill
United States
Jul 21, 2023 08:20

UK banks risk losing licenses for debanking customers over political views

The British government may impose tighter freedom of speech protections on banking permits following a public dispute between Nigel Farage and Coutts bank.

Hong Kong’s crypto ambition gets subtle nod from Beijing: Report

Author: Cointelegraph By Jesse Coghlan
United States
Feb 21, 2023 08:20

Hong Kong’s crypto ambition gets subtle nod from Beijing: Report

While China has cracked down on cryptocurrencies in the mainland, it’s apparently taking a softer approach to Hong Kong’s crypto hub aspirations.

Sep 22, 2022 05:05

Coinbase Expands European Presence, Obtains Regulatory Approval in the Netherlands

<p>Digital asset services provider, Coinbase announced today that it has secured <a href="https://blog.coinbase.com/coinbase-gains-regulatory-approval-in-the-netherlands-e781efb750df" target="_blank">regulatory approval</a> in the Netherlands. The exchange has become the first major crypto trading services provider to register with the Dutch Central Bank.</p><p>According to the details shared by Coinbase, the latest registration has allowed the company to offer its crypto products and services in the Dutch market. Coinbase has a strong presence in Europe with dedicated hubs in Germany, Ireland and the United Kingdom.</p><p>The crypto firm noted that additional registrations and license applications are in process across major European markets. In July 2022, Coinbase received regulatory approval from Italian authorities.</p><p>“As part of Coinbase’s ambition to be the world’s most trusted and secure crypto platform, we have taken strides to work collaboratively with government, policymakers and regulators to shape the future in a responsible way. Coinbase prides itself on being a compliance-led business. The Netherlands is a critical international market for crypto, and I am really excited for Coinbase to bring the potential of the crypto economy to the market here,” said Nana Murugesan, the Vice President, International and Business Development at Coinbase.</p><p>European Region</p><p>Europe is among the fastest-growing crypto regions in the world. Countries like Italy, Spain and Germany are home to some of the leading crypto trading firms. Earlier this year, Binance obtained virtual asset services provider (VASP) <a href="https://www.financemagnates.com/cryptocurrency/news/binance-obtains-vasp-registration-in-spain/" target="_blank">registration in Spain</a>. In May this year, the crypto exchange received approval from <a href="https://www.financemagnates.com/cryptocurrency/regulation/binance-gets-green-light-from-italy-regulators/" target="_blank">Italian regulators</a>.</p><p>According to Glassnode, the BTC balance on Coinbase dropped by approximately 36% in two years.</p> This article was written by Bilal Jafar at www.financemagnates.com.

Sep 20, 2022 07:15

Binance Granted MVP Licence To Boost Its Presence In Dubai

Binance, the world’s leading crypto exchange, has been issued the Minimal Viable Product [MVP] license from Dubai’s Virtual Asset Regulatory Authority [VARA], per local reports. Bahamas-based FTX subsidiary FTZ was the first recipient of the MVP VASP license back in July 2022. The MVP license allows Binance to operate inside Dubai’s legal framework for virtual […]

Jun 25, 2022 09:35

BTC Markets, an Australian cryptocurrency exchange, has been granted a finance service licence.

For BTC and cryptocurrency-related businesses, certain countries have mandated rules. For instance, a legislation mandates that all cryptocurrency exchanges and service providers hold a financial licence. These rules are necessary because the use of cryptocurrency is becoming more widely used in frauds and criminal activity. Many countries are on edge as digital assets and crimes […]

Apr 11, 2022 10:55

Binance bolsters its presence in Abu Dhabi, awarded in-principle approval

World’s largest crypto exchange Binance was awarded an in-principle approval [IPA] in Abu Dhabi’s financial free zone enabling it to operate as a broker in virtual assets, as reported by United Arab Emirates state news agency WAM on 10th April. Dhaher bin Dhaher al-Mheiri, Chief Executive Officer of the ADGM Registration Authority, said in a […]

Mar 22, 2022 07:10

Gemini Payments Become The First Fintech To Score A License From Ireland

Leading crypto exchange Gemini Payments announced securing an e-money license from Ireland’s Central Bank. It is the first fintech to become authorized for such a license in the Republic since October 2020. By this, the trading platform joins the likes of well-known firms such as Stripe, Facebook, and Google to receive such authorization. An Irish permit will enable Gemini […]

Feb 12, 2024 05:50

Australian Court Sides With ASIC in a Case Pitting the Regulator Against a Crypto Startup

The Australian Securities and Investments Commission (ASIC) recently prevailed in its case against Block Earner after a court ruled that the crypto startup’s product offering violated the country’s Corporations Act. The judge ruled that the ASIC had “succeeded in establishing contraventions of s 601ED and 911A of the Act in relation to the Earner product.” [...]

The post Australian Court Sides With ASIC in a Case Pitting the Regulator Against a Crypto Startup appeared first on Crypto Breaking News.

Australia’s financial regulator cancels license for FTX’s local entity

Author: Cointelegraph By Jesse Coghlan
United States
Jul 19, 2023 08:20

Australia’s financial regulator cancels license for FTX’s local entity

ASIC had previously suspended FTX’s license to operate in Australia; now the securities regulator has canceled it entirely.

Apr 20, 2023 05:50

Coinbase gets Bermuda license, reportedly plans launch of offshore exchange

United States-based cryptocurrency exchange Coinbase has received a license to operate in Bermuda and it’s reportedly set to launch a derivatives exchange based there as soon as next week. According to an April 19 blog post, Coinbase revealed it had “received our regulatory license to operate from the Bermuda Monetary Authority” — the nation’s financial regulator. [...]

The post Coinbase gets Bermuda license, reportedly plans launch of offshore exchange appeared first on Crypto Breaking News.

Jul 11, 2023 05:50

Dubai crypto regulator suspends BitOasis crypto exchange license

Dubai’s cryptocurrency regulator has suspended the license of crypto exchange BitOasis for not meeting mandated conditions within the timeframes set out by the authority. On July 10, the Virtual Assets Regulatory Authority (VARA) issued two alerts saying its undertaken enforcement action against BitOasis and is reviewing the Dubai-based firm. VARA said BitOasis’ conditional license, granted [...]

The post Dubai crypto regulator suspends BitOasis crypto exchange license appeared first on Crypto Breaking News.

Nov 01, 2024 02:15

Hong Kong Monetary Authority Grants Banking Licences to GIL and KGIB


The Hong Kong Monetary Authority has granted banking licences to Guanyin International Limited and KGI Bank Co., Ltd., increasing the total number of licensed banks in Hong Kong to 151. (Read More)

Jan 19, 2025 02:30

Crypto.com Lands MiCA Approval, Unlocking Full EU Service Access

Crypto.com announces that it has received an in-principle approval for the Mica license for the Crypto Assets Markets (MiCA) and put up in the position of being the first crypto service provider to operate globally to have achieved this. This will enable the company to operate across Europe where there is a single regulatory regime […]

May 08, 2023 05:50

‘No other options’: Hong Kong moving forward with crypto licensing, FinTech chair says

Crypto-friendly Hong Kong is still gung-ho about giving its citizens access to crypto trading despite other jurisdictions “taking a step back,” claims the chair of the FinTech Association of Hong Kong (FTAHK). Speaking to Cointelegraph at the Hong Kong WOW Summit in March, FTAHK chair Neil Tan said while Singapore and the United States are [...]

The post ‘No other options’: Hong Kong moving forward with crypto licensing, FinTech chair says appeared first on Crypto Breaking News.

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