Hong Kong crypto exchange has set a deadline for licensing applications or shut down!

Hong Kong recently set a deadline for unregistered virtual asset trading platforms (VASTPs) to register. Therefore, the Hong Kong authorities have called upon these unregistered exchanges to register within a certain period. Otherwise such unregistered exchanges will be declared closed soon if they are not registered, they said. Therefore, they said unregistered exchanges must submit their licensing applications by 29th of this month. And if these exchanges do not submit their license applications by this date, then their sites will be declared closed by May 31.

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Financial regulatory authorities have once again confirmed the time limit for cryptocurrency exchanges. Cryptocurrency trading firms must be licensed and therefore registered if they wish to continue their operations. For that reason, authorities involved in financial institutions have advised investors to engage with licensed platforms in the region Crypto traders can check these exchanges for their list of licensed virtual asset trading platforms since early March. Also, the country's authorities recently announced that the list of virtual asset trading platform applicants can be verified by the authorities within a certain period of time.

Last year, Hong Kong launched its cryptocurrency licensing framework for virtual asset trading platforms (VATPs). Such initiatives also paved the way for licensed exchanges for other service majors. Simply put, such a move has paved the way for licensed exchanges to offer retail trading services. Notably as a result, the city-state licensed two platforms, including HashKey and OSL. That is, it opened the way for crypto exchanges to obtain licenses.

Regulatory authorities have recently been scrutinizing the applications of various crypto exchange sites. And among these applied exchange sites are 14 crypto entities including OKX, Bybit, and HKVAEX. The regulatory authority will decide whether to approve these applications after thorough scrutiny. There is no assumption that exchange sites will be approved after applying. Such information has been given by SFC. This authority states that the authority does not guarantee that the application process will be approved on application. As this process is ongoing, authorities warn investors to exercise caution when engaging with these platforms.

We usually invest through exchange sites. And through these I carry out all the activities of trade or other transactions. But honestly many exchange sites are still not registered. Some of them are beneficial, but most of them are harmful. Moreover, we know that various sites are sometimes scam or fraudulent. For all these reasons, they can become a threat to users. If such exchanges are registered then they become investor friendly. Because in this the authorities control and monitor the legitimacy of the exchanges or their activities and scrutinize them. As a result, it bodes well for investors.

Therefore, the Hong Kong authorities, especially the Securities and Futures Commission, want to bring unregistered virtual asset trading platforms under registration. However, the authority has fixed a specific deadline and informed all unregistered exchanges to start the application process for registration within the specified time. Then the Securities and Futures Commission will scrutinize those application processes and approve those applications by monitoring their validity. But if these unregistered exchanges do not apply by the specified date, they will be declared closed by the end of May, the authorities announced. However, if you want to know more about it, then you can read this news .