- Following its approval under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO), Hong Kong-based cryptocurrency trading platform DFX Labs is now one step closer to obtaining a complete operating license in the area.
- The Securities and Futures Commission (SFC) of Hong Kong maintains public records indicating that DFX Labs is “deemed to be licensed for providing the virtual asset service.”
The Hong Kong cryptocurrency licensing timeline
- On December 27, 2023, DFX Labs applied for a crypto license in Hong Kong. Simon Au Yeung, the company’s chief operating officer, was the main applicant. On June 1st, the exchange was considered licensed.
- The DFX Labs website is still an unauthorized virtual asset platform and is inaccessible to Hong Kong residents, as seen above.
Hong Kong’s attempts to draw in international startups
- To promote its offshore ready-to-move technology hub for Canadian cryptocurrency and Web3 startups at a Toronto conference, three Hong Kong government organizations recently co-hosted an event in Toronto: The Hong Kong Economic and Trade Office in Toronto (Toronto ETO), Invest Hong Kong (InvestHK), and StartmeupHK (SMUHK).
- Emily Mo, the director of the Toronto ETO, highlighted many startup-friendly policies during her speech, including Hong Kong’s readiness to collaborate with “pre-commercial specialist technology companies” and taxes that are lower than those in Canada. She continued, saying:
- “The production of Web3/virtual materials is approached with a creative mentality. These days, Hong Kong and Asia are seeing trends in fintech, health technology, green technology, and property technology, among other areas.
Source:
cointelegraph
