Digital asset brokerage firm FalconX has set its sights on Hong Kong as it expands its services to meet the rising institutional demand for crypto assets in the region. The company announced its plans to offer over-the-counter brokerage and crypto derivatives services to professional investors in Hong Kong, including proprietary trading firms, family offices, and fund managers.
Matt Long, FalconX’s APAC general manager, highlighted Hong Kong’s status as a hub for virtual asset innovation and its leading position in the market with a clear focus on Web 3.0. He expressed confidence in FalconX’s growth prospects as Hong Kong’s regulatory frameworks for virtual assets and OTC derivatives continue to evolve.
FalconX’s expansion into Hong Kong follows its move into Singapore in February 2023, demonstrating its commitment to tapping into the APAC market. Unlike mainland China’s crackdown on crypto trading and mining, Hong Kong has embraced crypto firms, welcoming them with open arms. In June 2023, Hong Kong introduced its crypto licensing regime for virtual asset trading platforms, allowing licensed exchanges to offer retail trading services. Two platforms, HashKey and OSL, have already been granted licenses.
Several global exchanges, including Bybit, OKX, Huobi HK, Crypto.com, and Bullish, have applied for retail trading licenses in Hong Kong. Binance reportedly established a trading platform in Hong Kong called HKVAEX to facilitate its license application.
Christopher Hui, Hong Kong’s Secretary for Financial Services and the Treasury, recently announced plans to submit licensing bills for stablecoin and over-the-counter crypto trading frameworks as consultations progress, indicating Hong Kong’s ongoing commitment to fostering a conducive environment for crypto businesses.
(Source: The Block | Crypto Times | Coin Journal)
