DFX Labs, a Hong Kong-based crypto trading platform, has made significant progress towards obtaining a full operational license by securing clearance under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO). Although the platform is not yet permitted to offer crypto trading services, this AML clearance marks a crucial step. The Securities and Futures Commission (SFC) of Hong Kong has deemed DFX Labs licensed for providing virtual asset services, with final approval pending.
DFX Labs applied for the license in December 2023 and was deemed licensed on June 1, 2024. Despite the progress, the platform remains unavailable for Hong Kong residents until full licensing is granted.
Hong Kong continues to position itself as a crypto and Web3 hub, encouraging global startups to establish operations. The government has been actively promoting a startup-friendly environment, showcasing its commitment to fostering innovation in fintech, health technology, and more.
In recent events, Hong Kong entities like the Hong Kong Economic and Trade Office, Invest Hong Kong, and StartmeupHK have emphasized the region's lower taxes and willingness to collaborate with technology companies. This approach aims to attract businesses looking for a supportive regulatory framework.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
