Hong Kong Crypto Exchanges Face Challenges to Get Full Licenses.

Hong Kong's plan to become a digital-asset hub is facing challenges as 11 crypto exchanges that received initial approvals are uncertain about obtaining full licenses. The city's Securities and Futures Commission found unsatisfactory practices during on-site inspections, including over-reliance on a few executives and inadequate protection against cybercrime risks. The specific exchanges that fell short of requirements are unknown as the inspections are ongoing. The licensing process is part of Hong Kong's efforts to restore its appeal as a financial hub, but it has struggled to generate significant personnel shifts or capital inflows. Only two platforms, OSL and HashKey, are currently fully licensed in Hong Kong. [Extracted from the article]