Bitmart withdraws the request for a license for Hong Kong Vasp star-news.press/wp

Crypto Exchange Bitmart withdrew her order for a virtual asset service provider license in Hong Kong.

According to existing From the virtual asset trading platforms held by the Hong Kong Regulator, the Securities and Futures Committee (SFC), whose request was withdrawn on Thursday.

This is followed by similar decisions by other encryption trading platforms. Major Crypto Exchange bybit was applied last year but withdrew his request at the end of May 2024. Likewise, OKX pulled its request at the end of May, as a gate did.

As Cointelegraph said at the time, a wave of exchange of encryption withdrew its requests before the deadline that witnessed the organization of the local organizer to expel all unlicensed platforms. This was the result of strict requirements for local encryption exchange.

Related to: Hong Kong warns of the dangers

High requirements to exchange Hong Kong encryption

Hong Kong laws require any central encryption platform that operates on its lands or marketing local investors to be licensed by SFC. License It requires Platforms to maintain liquid assets equivalent to at least 12 months of operating expenses and keeping at least $ 5 million from Hong Kong ($ 641,490) of paid -up capital.

Moreover, 98 % of the customer’s assets should remain in cold storage, and transportation processes are limited to white list only. Organizers need to manage a strict key, and the insurance must cover 100 % of the hot storage and 50 % of cold storage holdings.

New rules for coding custody services approved earlier this month also tightening controls and prohibiting relying on smart contracts to manage the cold wallet.

In 2025, Hong Kong has given operational licenses for four encryption exchanges so far: Panthertrade, Yax, Bullish and BGE. In total, 11 exchanging codes are currently working as licensed codes licensed in Hong Kong, as shown below.

Related to: Animoca and Standard Charder Form Stableco Venture in Hong Kong

Hong Kong aims to become a coding center

Hong Kong is developing a strict coding framework to support the encryption industry, and benefit from its location as a financial center. The strategy already affects its fruits, with the Cmb International Securities Limited, a subsidiary of the China Trade Bank (CMB) – one of the best banks in China – that recently launched an exchange of encryption in Hong Kong.

Hong Kong organizers also aim to create a strong organizational base, as Hong Kong’s monetary body ended its organizational framework for Stablecoin Exporters earlier this month. This framework was also strict enough to negatively affect some local companies.

Just like the coding rules, the introduction of the new Stablecoin framework led to the local companies related to spreading two numbers on the first of August. Analysts at that time described a healthy sale, as the requirements of Stablecoin exporters proved to be more strict than expected.

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