{"id":70558,"date":"2024-02-02T02:57:32","date_gmt":"2024-02-02T06:57:32","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=70558"},"modified":"2024-02-02T03:01:23","modified_gmt":"2024-02-02T07:01:23","slug":"bybit-seeks-license-in-hong-kong-for-crypto-asset-trading","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/bybit-seeks-license-in-hong-kong-for-crypto-asset-trading\/","title":{"rendered":"Bybit Seeks License in Hong Kong for Crypto Asset Trading"},"content":{"rendered":"\n

According to regulatory papers, the cryptocurrency exchange Bybit has sought a Virtual Asset Service Provider <\/a>(VASP) license in Hong Kong.<\/p>\n\n\n\n

\"Bybit
Bybit Seeks License in Hong Kong for Crypto Asset Trading<\/figcaption><\/figure>\n\n\n\n

Bybit is now one of the fourteen candidates vying for a Securities and Futures Commission<\/a> (SFC) license to provide services in Hong Kong. In the regulatory filing that was sent in on January 31, Bybit states that it intends to use Spark Fintech Limited to provide services in the area.<\/p>\n\n\n\n

Uncertainty surrounds the timeline and status of Bybit's SFC application approval, given that OKX and other cryptocurrency companies are still seeking regulatory clearance. <\/p>\n\n\n\n

Only OSL Exchange and HashKey Exchange have been granted a cryptocurrency trading license by the SFC thus far. Bybit has not made any public announcements about the application as of publication.<\/p>\n\n\n\n

When Bybit announced its intention to open a business in Central Asia in April 2023, it indicated interest in growing its services in Hong Kong. Bybit intends to assign a portion of its marketing, research, and development staff to Hong Kong<\/a>.<\/p>\n\n\n\n

The CEO of Bybit, Ben Zhou, emphasized the importance of liquidity in the exchange industry and noted that Hong Kong has much liquidity because of institutional capital inflows. <\/p>\n\n\n\n

Zhou praised the city for having many knowledgeable investors, well-developed capital markets, and high financial literacy. But not all participants in the cryptocurrency business support Hong Kong's regulatory framework. <\/p>\n\n\n\n

The vice president of the Hong Kong University of Science and Technology\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, Wang Yang, attacked the city's regulation of cryptocurrencies, calling the current licensing process cumbersome and ineffective. <\/p>\n\n\n\n

Yang coined the phrase “Licensed to Be Killed” to describe the difficulties experienced by licensed exchanges such as OSL, which have suffered significant losses since receiving permission to operate in the area.<\/p>\n","protected":false},"excerpt":{"rendered":"

According to regulatory papers, the cryptocurrency exchange Bybit has sought a Virtual Asset Service Provider (VASP) license in Hong Kong. Bybit is now one of the fourteen candidates vying for a Securities and Futures Commission (SFC) license to provide services in Hong Kong. In the regulatory filing that was sent in on January 31, Bybit […]<\/p>\n","protected":false},"author":43,"featured_media":70560,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[662,1134,9191],"class_list":["post-70558","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bybit","tag-hong-kong","tag-vasp"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/02\/croc_1706831958765.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/70558","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=70558"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/70558\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/70560"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=70558"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=70558"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=70558"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}