tl;dr
The Hong Kong Securities and Futures Commission (SFC) has granted initial approval to 11 cryptocurrency exchanges to operate in the city, marking the first step towards issuing virtual asset trading platform (VATP) licenses since 2022. The move aims to position Hong Kong as a prominent crypto hub al...
The Hong Kong Securities and Futures Commission (SFC) has granted initial approval to 11 cryptocurrency exchanges to operate in the city, marking the first step towards issuing virtual asset trading platform (VATP) licenses since 2022.
Exchanges with mainland Chinese ties have faced complications, leading some to withdraw their license applications. The city's progress in attracting crypto-related businesses and developing a thriving Web3 ecosystem has raised concerns following these withdrawals, amidst Beijing's strict ban on commercial crypto activities on the mainland.
According to a South China Morning Post report, among the approved exchanges, Crypto.com stands out as the largest exchange "deemed to be licensed." Bullish, incorporated in Gibraltar but also operating from Singapore and New York, is the next significant exchange deemed licensed.
Under the new regulations introduced last year, cryptocurrency exchanges must obtain approval for the deeming arrangement to continue operating while awaiting full licensing approval. The deadline for non-compliant exchanges to cease operations is June 1. However, some exchanges have withdrawn their license applications due to complications arising from the regulatory changes.
Per the report, the withdrawals have raised concerns about Hong Kong's progress in attracting crypto-related businesses and developing a thriving Web3 ecosystem. Despite hopes of accessing mainland Chinese customers, Beijing maintains a strict ban on commercial crypto activities on the mainland.
Overall, Hong Kong's granting of initial approval to exchanges represents a significant step in the city's regulatory journey toward becoming an innovation hub. However, challenges remain, including withdrawing exchanges with mainland Chinese ties and Beijing's strict commercial digital asset activity ban.
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GameStop Corp Technical Analysis Summary
Company: GameStop Corp
Headquarters: Grapevine, Texas
Sector: Trade & Services
Industry: Retail-Computer & Computer Software Stores
Market Cap: $10.42 billion
Current Price: $1483.5
Dividend Yield: None
Price/Earnings Ratio: 0.02
EPS: 17.28
Beta: 0.0013
Volume: 5,272,800,000
Revenue: $6.38 billion
Operating Margin: 25.9%
Net Margin: -19.4%