The Block Crypto News29 minutes ago

Published on June 03, 2024 09:08 GMT+00:00edited on June 03, 2024 09:14 GMT+00:00

A Hong Kong lawmaker has raised concerns over the “excessively stringent” regulations for crypto exchanges to obtain a license, criticizing that these rules have pushed major global exchanges away from entering Hong Kong and have dampened market confidence.

Duncan Chiu, a member of Hong Kong’s Legislative Council, wrote in an opinion piece published Saturday on the Hong Kong Economic Journal that the recent license withdrawals of multiple global crypto exchanges have “shaken the confidence of market participants in Hong Kong's push to develop Web3.”

The Securities and Futures Commission stipulates that crypto trading platforms that fail to submit their license applications by Feb. 29 must close down their businesses in Hong Kong by May 31. The regulator said that after June 1, all VATPs …