The chief executive of one of Hong Kong’s two licensed cryptocurrency exchanges has hit out at the city’s new approach to trading digital assets, saying it could restrict access to global clients. Hong Kong’s new regime for crypto exchanges, which is part of its push to become a hub for the industry, required exchanges operating in the city to apply for regulatory approval by February this year, with 24 companies making bids for the highly prized licences.
Pro-Beijing legislator Johnny Ng, who is also a member of China’s top political advisory body, invited Coinbase and other crypto exchanges to set up in the city last year after the group was hit by a lawsuit from the US Securities and Exchange Commission. HashKey and OSL have already secured their licences, and among those hoping to join are Bullish and Singapore’s Crypto.com, but the regulator has not provided a timeline for approvals.