DFX Labs, a crypto trading platform based in Hong Kong, has made significant progress towards obtaining a full operational license in the region by securing clearance under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO).
According to public records held by the Securities and Futures Commission (SFC) of Hong Kong, DFX Labs has been approved for providing virtual asset services and is deemed to be licensed.
Despite holding an active AMLO license, DFX Labs is currently not authorized to offer crypto trading services, as indicated in the records.
The application for the Hong Kong crypto license was submitted by DFX Labs on December 27, 2023, with Simon Au Yeung, the company’s chief operating officer, listed as the primary applicant. The license was granted on June 1.
As a result, the DFX Labs website operates as an unlicensed virtual asset platform and is inaccessible to residents of Hong Kong.
In related news, Hong Kong is seeking global input on the future of Web3 and digital assets, as part of its efforts to attract international startups. Recently, three government entities—The Hong Kong Economic and Trade Office in Toronto (Toronto ETO), Invest Hong Kong (InvestHK), and StartmeupHK (SMUHK)—collaborated to promote their offshore technology hub to Canadian crypto and Web3 startups at a conference in Toronto.
During the event, Emily Mo, the director of Toronto ETO, highlighted the favorable regulatory environment for startups in Hong Kong, citing lower taxes compared to Canada and a willingness to support innovative technology companies. Additionally, she mentioned that in May, unlicensed crypto exchanges in Hong Kong were mandated to cease operations, resulting in several exchanges retracting their license applications, including major players like OKX, Huobi HK, and Bybit.
In other news, Polkadot’s Indy 500 driver Conor Daly shared his unique perspective, stating, “My dad holds DOT, how mad is that?”