ChangeNOW, a popular cryptocurrency exchange platform, is now expanding its operations in Hong Kong. The company is also seeking a license from the Securities and Futures Commission (SFC) in compliance with new regulations. The move will allow ChangeNOW to offer more trading pairs and support for Hong Kong dollars. The company has already established its presence in the continent with high liquidity and a user-friendly interface. With SFC license, ChangeNOW will become a trustworthy and secure platform for Hong Kong traders looking for fast and reliable cryptocurrency exchanges.
The Securities and Futures Commission (SFC) of Hong Kong has drafted regulations for trading platforms that deal with digital assets and is seeking public feedback by March 31. It is expected that a finalized set of regulations will take effect on June 1. While the SFC did not seem interested in providing retail investors with access to crypto under its virtual asset licensing framework for most of last year, it indicated a willingness to change course at the 2022 Hong Kong FinTech Week. The regulator is interested in opinions on whether licensed platforms can serve retail investors and what investor protection measures should be in place. Crypto trading platforms planning to become licensed in Hong Kong should review and revise their systems and controls, whereas those that don’t plan to apply should prepare for an orderly closure of their Hong Kong operations.
Hong Kong is poised to become a hub for digital assets globally as the new crypto regulations may serve as a model for other countries to follow. Hong Kong ranks first in several categories, including the number of blockchain startups per 100,000 residents and the number of cryptocurrency ATMs per capita, according to the 2022 Worldwide Crypto Readiness Report, which ranked Hong Kong as the most crypto-ready country, followed by Switzerland and the United States.
ChangeNOW, a non-custodial crypto platform, has announced that it is seeking to obtain a license from the SFC to continue providing secure, compliant crypto exchange services in Hong Kong and promote cryptocurrency adoption there. In February, its Hong Kong user numbers surged by 62%. Hong Kong users are most interested in TRON-based stablecoin USDT TRC20, Polygon-based USDC, and the Shiba Inu altcoin.
The platform has recovered approximately $20.5 million lost to hacks and fraud using its anti-money laundering and risk-prevention mechanisms, proving its ability to keep bad actors at bay. Its success in combating fraudulent activities may inspire other crypto industry participants to create a safer user environment.