The number of cryptocurrency exchanges in Hong Kong seeking operational licenses is steadily decreasing as the deadline approaches. Recently, three exchanges, IBTCEX, QuanXLab, and Huobi HK, withdrew their license applications that were initially filed in February 2024. The Hong Kong Securities and Futures Commission (SFC) has not disclosed the reasons behind these withdrawals on its website. However, it is important to note that all cryptocurrency exchanges that have not applied for a license must cease operations in Hong Kong by May 31.
Currently, there are 21 crypto exchanges in line for a license in Hong Kong, including prominent global players such as Bybit, Crypto.com, Matrixport HK, HKX, and OKX. The most recent application was submitted by Bitcoin World Technology Limited on behalf of the “bitcoinworld” crypto exchange on May 17.
In other news, the Hong Kong Monetary Authority (HKMA) has launched a pilot program for the digital yuan, marking the first deployment of a central bank digital currency (CBDC) outside of mainland China. Hong Kong residents can now create an e-CNY wallet with just their mobile phone number, allowing them to facilitate cross-border payments. However, these wallets cannot be used for person-to-person transactions at the moment. The pilot program will enable Hong Kong residents to conduct transactions directly from their digital yuan wallets, which can be topped off through 17 retail banks using the Faster Payment System (FPS). Eddie Yue, the chief executive of the HKMA, has stated that the e-CNY application and wallet will gradually gain more functionality as the HKMA and the People’s Bank of China (PBoC) work on expanding retail merchant adoption.
In other news, there is a documentary about the FTX collapse available on Amazon Prime, priced at $2,500, with assistance from the filmmaker’s mother.