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- 1 Hong Kong regulators reportedly will not accept license applications from crypto exchanges after February 29, 2024.
- 2 Hashkey Exchange and OSL Digital Securities have secured the license from the SFC so far.
- 3 The Securities and Futures Commission (SFC) says the exchange that already secured licenses can invite retail investors to trade BTC and Ether.
Hong Kong is actively working to ease the rules and regulations for the cryptocurrency sector. Notably, China has restricted all crypto-related activities long back in 2021.
The region has accepted license applications from cryptocurrency exchanges for the last few quarters, but the process will cease on February 29, 2024. The regulatory authority advised the regional exchanges to halt their operation by May 31, 2024.
None of the unregistered exchanges can operate their business after May 31, 2024. Moreover, the SFC advised investors to stop all activities on such platforms and try to migrate to the registered crypto exchange.
The SFC has approved the application and granted the license to only two cryptocurrency exchanges, including Hashkey Exchange and OSL Digital Securities. As per the claims, several other exchanges are waiting for the regulators’ approval.
The SFC guidelines state that the exchange’s already secured licenses can invite retail investors to trade BTC and Ether. The approval of dozens of altcoins and stablecoins is under review and might get a green signal soon.
Several analysts claim that Hong Kong is on the path to becoming a global crypto hub. The SFC will strictly act against the unlicensed exchanges and restrict their advertisements. The Securities and Futures Commission is working on the identification process and will publish a list of licensed crypto on June 1, 2024.
Nations Reframing Laws for Crypto
Several nations have bent their rules following the growth of cryptocurrencies and their market. El Salvador is the only nation that has legalized Bitcoin by introducing a separate law, ‘Bitcoin Law.’
Nayib Bukele, the president of El Salvador, is a Bitcoin enthusiast. Once, in a speech, he said that the nation will purchase 1 Bitcoin daily. In the general elections, he won the presidency for the second time.
Singapore, Canada, Netherlands, the United States, Germany, Estonia, Gibraltar, and Portugal are some demographics that favor cryptocurrencies.
Crypto Market Overview
Growing crypto adoption is one of the most essential factors luring investors and traders globally. Bitcoin’s market dominance reached 52%, and counts among the most adopted cryptocurrency.
The entire crypto market has outperformed in 2024, and market capitalization has grown more than 120% in the past six months. As of writing, the market cap was $2.33 Trillion and a spike of 4.35% was observed in the intraday time frame. ORDI (ORDI) lost 8.91% of its trading price, which makes it the leader of the intraday loser list, followed by Flare (FLR) 6.44%.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
