ChangeNOW Plans to Seek SFC Regulatory Approval for Its Official Hong Kong Market Entry

ChangeNOW Plans to Seek SFC Regulatory Approval for Its Official Hong Kong Market Entry

ChangeNOW, a non-custodial crypto exchange platform that also offers a broad range of crypto-related products and services, is setting its sights on Hong Kong, a major financial center in Asia, according to Hong Kong media reports. 

After seeing a growing interest in the platform among Hong Kong users, ChangeNOW made the commitment to secure a license from the local regulator that will allow it to extend its reach and contribute to the growing popularity of cryptocurrencies in the special administrative region of China. 

ChangeNOW announced its plans to apply for a license from the Securities and Futures Commission of Hong Kong (SFC) as part of its commitment to creating a safe, transparent, and compliant crypto trading ecosystem and following Hong Kong regulators' proposed decision to make large-cap tokens available to retail investors through licensed platforms. 

Retail clients may be able to access licensed virtual asset providers starting June 1, 2023. According to the SFC, the proposal will be subject to public consultation until March 31.

Hong Kong has experienced an explosive increase in cryptocurrency interest, with ChangeNOW specifically witnessing its HK user numbers spike by 62% and transaction volumes peak by 202% in February. According to the exchange, Hong Kong users prefer stablecoins based on Polygon and TRON, as well as the SHIB altcoin.




According to ChangeNOW, the most popular assets among Hongkongers are TRON, MATIC as well as stablecoins on the Polygon and Tron networks. This surge in activity indicates the growing popularity of cryptocurrency in the region and the territory's increasing openness to cryptocurrencies.

A number of factors may have influenced Hongkongers to embrace ChangeNOW. First of all, the platform earned a sterling reputation for its efforts in combating hacks and fraud, culminating in the recovery of more than $20.5 million worth of tokens and coins. In 2021, ChangeNOW recovered $15 million worth of crypto for Compound and just a few weeks ago, it stopped hackers from stealing $1.5 million worth of Algorand tokens.

Hong Kong users' preference for ChangeNOW may also be attributed to the fact that it has evolved into an all-in-one solution for crypto investors. Dozens of fiat currencies and over 800 virtual currencies are supported by the platform that can be exchanged in one click.

With ChangeNOW's fiat-to-crypto on-ramps and off-ramps, along with its non-custodial NOW Wallet, anyone can buy, sell, and store crypto without prior experience with blockchain or crypto trading. The platform's premium version, ChangeNOW Pro, is available for a more personalized, smoother user journey.

ChangeNOW has a number of nifty features that make it the go-to cryptocurrency exchange platform. Among these are intuitive interfaces available in several languages, fixed and floating exchange rates, fast transaction times, a non-custodial architecture that means users keep control of their own funds at all times, stringent AML and risk-prevention mechanisms, no hidden commissions, and a solid support team.


Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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