Crypto exchanges face challenges with licences

The city’s Securities and Futures Commission found unsatisfactory practices at some of the “deemed-to-be-licensed” platforms during on-site inspections carried out since they won the designation in June. — AFP

Hong Kong: Hong Kong’s push for a digital-asset hub faces growing pains amid uncertainty over whether 11 crypto exchanges will all achieve full licences after earlier receiving initial approvals.

The city’s Securities and Futures Commission (SFC) found unsatisfactory practices at some of the “deemed-to-be-licensed” platforms during on-site inspections carried out since they won the designation in June, people familiar with the situation said, asking not to be identified because the information is private.