Hong Kong has moved to solidify its position as a global hub for digital asset trading, with its securities regulator announcing approval for four more cryptocurrency exchanges on Wednesday.
Hong Kong has been promoting itself as a hub for digital assets such as cryptocurrencies to maintain its longstanding status as a financial hub.
this Hong Kong Securities and Futures Commission Indicates authorization from Accumulus GBA Technology (Hong Kong) Co., Ltd., DFX Labs Company, Hong Kong Digital Asset EX and Thousand Whales Technology (BVI).
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This brings the total number of licensed virtual asset trading platforms in the city to seven. Hong Kong has previously approved three trading platforms – HashKey, OSL and HKVAX.
Nick Ruck, director of LVRG Research, said the introduction of new players reflects Hong Kong’s long-term vision and commitment to digital assets, adding that international competition to become the world’s cryptocurrency center has intensified as companies flock to other jurisdictions. Singapore and Dubai.
The securities regulator said the latest approval came under its “fast-track licensing process”.
Hong Kong launched Asia’s first spot Bitcoin and Ethereum exchange-traded fund (ETF) in April, following the launch of the first spot Bitcoin ETF in the United States three months ago. This type of ETF is a product that tracks the price of Bitcoin.
Analysts pointed out that increasing the number of trading platforms will help reduce the management fees of cryptocurrency ETFs and make ETFs more attractive.
Bitcoin has soared more than 50% since crypto-supporting Donald Trump won the U.S. presidential election on November 5.
- Reuters Additional editing by Jim Pollard
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