Hong Kong has no Gate. Now that Gate.HK Withdraws Application for Virtual Asset Operator License

IconCryptoNewsTerminal Staff23 May, 2024

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Hong Kong has no Gate. Now that Gate.HK Withdraws Application for Virtual Asset Operator License

Gate.HK, the Hong Kong arm of cryptocurrency exchange Gate.io, has withdrawn its application for a Virtual Asset Operator (VASP) license from the SFC. Gate.HK had submitted its application on 28th February 2024. The news comes as a surprise to many in the crypto industry, as Gate.HK was seen as a strong contender for one of the first VASP licenses to be issued by the SFC. The SFC has yet to comment on Gate.HK's withdrawal, but it is expected that the regulator will continue to take a tough stance on crypto exchanges operating in Hong Kong. Gate.HK's withdrawal is a setback for the crypto industry in Hong Kong, but it is not expected to have a significant impact on the overall market. The crypto industry is still in its early stages of development, and there are many other exchanges that are eager to enter the Hong Kong market.

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