Digital asset prime brokerage FalconX is expanding into Hong Kong amid growing institutional investor demand for crypto assets in the region, the company said.
The company said in a statement on Thursday that it plans to provide over-the-counter brokerage services and crypto derivatives services to professional investors in Hong Kong. These professional investors include private trading companies, family offices, fund managers, etc.
“Hong Kong has historically been a hub for crypto asset innovation and continues to lead the market with a clear focus on Web 3.0,” Matt Long, APAC general manager at FalconX, said in a statement. Hong Kong's advanced virtual asset and OTC derivatives regulatory framework continues to evolve. ”
Expansion in Hong Kong begins after FalconX Expanded to Singapore We will enter the APAC market in February 2023.
Hong Kong beckons
Unlike neighboring mainland China's widespread crackdown on cryptocurrency trading and mining, Hong Kong Rolling out welcome mat for crypto companies last year. In June 2023, Hong Kong officially launched a crypto licensing regime for virtual asset trading platforms, allowing licensed exchanges to provide retail trading services. Hong Kong has licensed two of his platforms: HashKey and OSL.
Many global exchanges have applied for such retail trading licenses.Securities and Futures Commission List of license applicants Includes Bybit, OKX, Huobi HK, Crypto.com, and Bullish.Binance has reportedly established the following trading platforms in Hong Kong: HKVAEX According to local newspaper South China Morning Post, they will need to apply for a license.
Earlier this week, Hong Kong Financial Services and Treasury Secretary Christopher Hui said the government: Working towards submission of licensing bill As discussions progress, we will also consider the framework for stablecoins and over-the-counter cryptocurrency transactions.
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