HTX Resubmits Application for Cryptocurrency License in Hong Kong

By: Eva Baxter

Following a surprising withdrawal, HTX, previously known as Huobi, has redeployed its pursuit for a Virtual Asset Trading Platform (VATP) license in Hong Kong. Previously, HTX had retracted its initial licensing application without any provided reasoning. However, in an unexpected move, HTX has resumed its application initiative for this regulatory approval as illustrated on the Securities and Futures Commission (SFC) website.

Amid this development, Hong Kong's SFC has heightened its warning to unregistering crypto platforms, stipulating a deadline for license applications and withdrawal of businesses that do not comply by a set date. Hence, VATPs operating in Hong Kong are strongly urged to complete their licensing process by February 29, or else they will be required to discontinue their businesses by May 31.

Despite the propulsion in applications, including prominent crypto firms like HTX, Bullish, and Crypto.com, only OSL and Hashkey have successfully secured crypto licenses in Hong Kong. Nevertheless, the city's firm focus on stringent license registration procedures underscores its commitment to nurturing a conducive environment for cryptocurrency operations.