On Feb. 20, Huobi HK became the 18th crypto exchange to apply for a virtual asset trading platform license with the Hong Kong Securities and Futures Commission.
The Hong Kong Securities and Futures Commission (SFC) has received 18 crypto license applications in over two months from both local and global players.
On Feb. 20, Huobi HK, the Hong Kong arm of crypto exchange Huobi, applied for a virtual asset trading platform license with Hong Kong SFC, a local report confirmed. In total, 18 crypto exchanges, including Crypto.com, OKX, Bybit and DFX Labs, filed for the same license application starting mid-November 2023.
As part of licensing requirements, applicants must pass stringent due diligence checks, such as a traditional financial audit that is broader in scope than proof of reserves. As a result, Web3 firms are having to spend as much as $25 million to build their applications for such licenses.
