Hong Kong-based crypto trading platform DFX Labs has made strides toward obtaining a full operational license within the region. The platform achieved clearance under Hong Kong’s Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO).
Trading Authorization Pending
According to public records maintained by Hong Kong’s Securities and Futures Commission (SFC), DFX Labs has been acknowledged as "deemed to be licensed for providing the virtual asset service." This status, however, does not extend to authorization for crypto trading services.
The SFC explicitly stated that while DFX Labs holds an active AMLO license, it has not yet been granted a trading license, and its application remains pending.
DFX Labs submitted its application for the Hong Kong crypto license on December 27, 2023, listing Simon Au Yeung as the primary applicant. The platform was deemed to be licensed for its virtual asset service as of June 1.
Despite these developments, DFX Labs' website continues to operate as an unlicensed virtual asset platform and is inaccessible to Hong Kong residents.
DFX Labs nears full operational license in Hong Kong, awaits final approval for crypto tradingHong Kong-based crypto trading platform DFX Labs is nearing the acquisition of a full operational license in the region, having secured clearance under the Anti-Money Laundering and…
— CoinNess Global (@CoinnessGL) June 25, 2024
Promoting Offshore Hub
In related news, three Hong Kong government entities—the Hong Kong Economic and Trade Office in Toronto (Toronto ETO), Invest Hong Kong (InvestHK), and StartmeupHK (SMUHK)—recently collaborated to promote Hong Kong as an offshore technology hub suitable for Canadian crypto and Web3 startups.
This effort was highlighted at a conference in Toronto, where Emily Mo, Director of Toronto ETO, emphasized Hong Kong’s supportive regulatory environment forstartup ventures, citing advantages such as lower taxes compared to Canada.
Earlier in May, all crypto exchanges operating without a license in Hong Kong were mandated to cease operations. Several global exchanges, including OKX, Huobi HK, and Bybit, withdrew their license applications amid regulatory uncertainties.
This article was written by Tareq Sikder at www.financemagnates.com.
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