Hong Kong-based crypto trading platform DFX Labs has moved closer to obtaining a full operational license in the region after securing clearance under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO).
According to public records from the Securities and Futures Commission (SFC) of Hong Kong, DFX Labs is now “deemed to be licensed for providing virtual asset services.”
However, despite holding an active AMLO license, DFX Labs is not yet authorized to offer crypto trading services. The record states:
“The applicant is only deemed to be licensed for providing the virtual asset service below. The SFC has NOT granted a license to the applicant under the AMLO. The application for the license is still pending determination.”
Timeline for Hong Kong Crypto License
DFX Labs applied for the Hong Kong crypto license on December 27, 2023, with Simon Au Yeung, the company’s chief operating officer, as the primary applicant. The exchange was deemed to be licensed on June 1.
Currently, the DFX Labs website remains an unlicensed virtual asset platform and is not available to residents of Hong Kong.
Summry Review: While DFX Labs has taken significant steps toward becoming a fully licensed crypto trading platform in Hong Kong, it must still complete the final stages of the licensing process to offer its services to the public. The outcome of their application will determine their ability to operate within the region’s regulatory framework.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
