icon
icon
icon
icon
🏷️$300 Off
🏷️$300 Off

News /

Articles /

"Hong Kong Grants First Crypto Licenses in 2025, XRP Excluded"

Coin WorldSunday, Feb 2, 2025 1:32 pm ET
1min read

Hong Kong's financial regulator, the Securities and Futures Commission (SFC), has granted licenses to two local exchanges, PantherTrade and YAX, to operate in the city. This marks the first crypto trading licenses issued in Hong Kong in 2025. The SFC has approved only four cryptocurrencies for trading: Bitcoin, Ether, Avalanche, and Chainlink. Notably, Ripple's XRP is conspicuous for its absence from this list, raising questions about its regulatory standing in the region.

The SFC's approval process for crypto exchanges is rigorous, with licensed exchanges required to comply with strict regulations, including anti-money laundering (AML) and counter-terrorist financing (CTF) laws. To date, 10 crypto exchanges have registered under these regulations and are permitted to operate virtual asset trading platforms in Hong Kong. The SFC had initially planned to approve 11 crypto trading platforms by the end of 2024 but faced delays due to rigorous compliance checks. In December 2024, four virtual asset trading platforms were granted licenses, and regulators continue to work closely with exchange executives to ensure they meet financial standards.

The reason for excluding XRP from the approved list is unclear, but it may be related to Ripple's ongoing legal issues in various countries. The SFC has not provided any official explanation for this decision. Despite its widespread global adoption, XRP is not currently permitted for trading in Hong Kong, casting a shadow of doubt upon its regulatory standing in the region.

Comments

Add a public comment...
Post
No Comment Yet
Disclaimer: The news articles available on this platform are generated in whole or in part by artificial intelligence and may not have been reviewed or fact checked by human editors. While we make reasonable efforts to ensure the quality and accuracy of the content, we make no representations or warranties, express or implied, as to the truthfulness, reliability, completeness, or timeliness of any information provided. It is your sole responsibility to independently verify any facts, statements, or claims prior to acting upon them. Ainvest Fintech Inc expressly disclaims all liability for any loss, damage, or harm arising from the use of or reliance on AI-generated content, including but not limited to direct, indirect, incidental, or consequential damages.
You Can Understand News Better with AI.
Whats the News impact on stock market?
Its impact is
fork
logo
AInvest
Aime Coplilot
Invest Smarter With AI Power.
Open App