Hong Kong-based cryptocurrency trading platform DFX Labs is nearing the acquisition of 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 “deemed to be licensed for providing the virtual asset service.”
Although DFX Labs currently holds an active AMLO license, it is not yet authorized to offer crypto trading services. The records state:
### Timeline for Hong Kong Crypto License
DFX Labs submitted its application for a Hong Kong crypto license on December 27, 2023, with Simon Au Yeung, the company’s chief operating officer, as the primary applicant. The platform was deemed to be licensed on June 1.
As indicated above, the DFX Labs website remains an unlicensed virtual asset platform and is not accessible to residents of Hong Kong.
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Hong Kong invites global opinions on the future of Web3 and digital assets
### Hong Kong’s Effort to Attract Global Startups
Three Hong Kong government entities — the Hong Kong Economic and Trade Office in Toronto (Toronto ETO), Invest Hong Kong (InvestHK), and StartmeupHK (SMUHK) — recently co-hosted an event in Toronto. The event aimed to promote Hong Kong’s offshore technology hub to Canadian crypto and Web3 startups.
At the event, Toronto ETO director Emily Mo highlighted the favorable startup regulations in Hong Kong, including lower taxes compared to Canada and the city’s openness to collaborating with “pre-commercial specialist technology companies.” She noted:
### In May, all crypto exchanges operating without a license in Hong Kong were forced to shut down.
Many cryptocurrency exchanges that had applied for operational licenses subsequently withdrew their applications. This list included prominent global players such as OKX, Huobi HK, and Bybit, among others.
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