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Singapore-headquartered cryptocurrency exchange platform Crypto.com is making a move to further its global reach through an application for a virtual asset trading platform (VATP) license with the Hong Kong Securities and Futures Commission (SFC). Application via Fortis DAX HK LimitedA number of months ago, the SFC established a list of both licensed platforms and license applicants. Crypto.com is the latest entity to appear on that list through a locally incorporated entity, Fortis DAX HK Limited. The application was made on Feb. 9, 2024. In this pursuit of regulatory approval in Hong Kong, Crypto.com now joins 16 other exchanges, including notable players like Bybit, Bullish, OKX and VAEX.Photo by Jie Yeu Teoh on UnsplashRegulatory ultimatumThe urgency to obtain a VATP license has become more immediate, given the regulatory ultimatum issued by the SFC recently. A stern warning from the Hong Kong regulator has been issued, mandating that exchanges must apply for the said license by Feb. 29, 2024, with a looming shutdown deadline of May 31, 2024, for those that fail to comply.  Currently, only two platforms, OSL and HashKey Exchange, hold the coveted licenses, underscoring the rigorous process and the importance of compliance in operating within the Hong Kong market.  Despite recent approvals of spot bitcoin exchange-traded funds (ETFs) in the United States and the acceptance of applications for similar products in Hong Kong, regulators are once again asserting their authority in the crypto space, demanding stringent compliance measures to safeguard investors and combat financial crimes.  Julia Leung, the chief executive officer of the SFC, emphasized the importance of regulatory oversight in today's landscape, highlighting the need to protect investors and hold wrongdoers accountable.  In light of these developments, the SFC has issued a cautionary advisory to investors, urging them to verify the regulatory status of the platforms they engage with. While exchanges can continue operating during the application process, investors are encouraged to take proactive measures, such as closing accounts with unlicensed platforms or transferring their assets to SFC-licensed exchanges before the looming deadline.  Licensing and partnerships Despite the regulatory pressures, Crypto.com appears to be navigating the challenges adeptly, leveraging its strategic partnerships and growth initiatives to reinforce its position in the market. In a recent interview, Eric Anziani, the COO of Crypto.com, highlighted the success of the company's collaborations with sports giants like F1 and the UFC, as well as a stadium naming rights deal in Los Angeles that has led to the Crypto.com Arena. These partnerships not only enhance brand visibility but also serve as avenues for attracting new users to the platform. With an approaching user base of 100 million, Crypto.com continues to expand its offerings, recently introducing Crypto.com Prime, an exclusive program tailored for high-net-worth individuals requiring a $1 million deposit. Anziani emphasized the importance of compliance, user convenience and competitive fees, while also acknowledging the diverse trading preferences among users. This license application is the most recent example of Crypto.com’s efforts to expand compliantly. Over the course of the past 12 months, the company has secured trading licenses in Spain, the UK, Dubai and Singapore.

Upbit lists Tottenham Hotspurs fan tokenSouth Korea’s largest cryptocurrency exchange Upbit listed a fan token for the Tottenham Hotspurs — a world-renowned football club of the English Premier League and home to captain Son Heung-min, who also leads the South Korean national team — on its BTC market on Thursday (KST), according to an official announcement on the exchange’s homepage. Listed under the ticker symbol SPURS, the token is worth about KRW 6,000 ($4.60) as of this writing.Photo by Memories on 35mm on UnsplashExpanding football’s presence in cryptoUpbit added a total of 23 tokens to its BTC market this year, eight of which are fan tokens associated with football clubs, including Tottenham Hotspurs, AC Milan, Arsenal F.C., Atlético de Madrid, FC Barcelona, Manchester City F.C., Inter Milan and SSC Napoli, which the exchange signed a two-year partnership contract with in January. The team notably houses one of South Korea’s top footballers Kim Min-jae. Upbit also previously listed a Paris Saint-Germain token in 2021, which player Lee Kang-in recently joined this year.With the most recent addition of SPURS, Upbit now supports a total of ten football club fan tokens — all of which can only be traded on the sports blockchain network Chiliz Chain — highlighting its recognition of the sport’s popularity among Koreans. In particular, the Chiliz token (CHZ) also experienced a 10% price boost on Thursday when SPURS was listed.Upbit’s focus on footballHowever, Upbit’s consistent listing of football-related tokens contrasts with its overall modest approach to listing new cryptocurrencies this year. The exchange has introduced just 12 cryptocurrencies so far this year on its Korean won-denominated market, which is just a fraction of the 88 that were listed by Bithumb, South Korea’s second-largest exchange.Bithumb, which had already been supporting trading for SPURS on its Korean won-dominated market, also saw the token’s price double as a result of Upbit’s listing, jumping from around KRW 5,500 to KRW 11,300.

amana, a Dubai-based neo-broker, has announced that it is adding another 300 cryptocurrencies to its app. 450 crypto assetsA neo-broker is an online-based digital investment service provider that leverages technology and online tools to make investing and trading more accessible to the broader investing and trading public. The firm announced the product expansion via a press release published on its behalf by GlobeNewswire on March 17. Prior to the announcement, amana had offered its service users access to 150 cryptocurrencies. Expanding the range to a total of 450 cryptocurrencies makes it the leading broker in the Middle East and North Africa (MENA) region in terms of the breadth of digital assets it has made accessible to users.Photo by Christoph Schulz on UnsplashAll-in-one service offeringThe company described the offering as “unmatched,” allowing amana to firmly position itself as the go-to platform where the seamless trading of both traditional and digital assets is concerned. amana believes that its offering fills a gap in the market. Most platforms, it claims, either cater to the digital assets market or the traditional finance market. The platform sees itself as an all-in-one solution, making it unnecessary for investors and traders to create multiple accounts. Speaking to that gap in the market that the company wants to exploit, amana CEO Muhammad Rasoul stated: “We’re making it easier than ever for our customers to trade digital assets alongside stocks, forex, and commodities—all in one place, with zero hassle.” The firm added that the expansion isn’t just about offering a greater selection of digital assets. The announcement said that “it’s about seamless access, competitive pricing, and a frictionless trading experience.” The company described the amana app as “intuitive,” with the ability to empower both seasoned traders and new investors through the ease of trading within a few taps. Alongside the 450 digital assets, the platform provides users with access to U.S. stocks, FX, commodities, gold and global exchange-traded funds (ETFs). amana also facilitates users to trade using leverage and to avail of automated investment plans. Futures products and contracts for difference (CFDs) complete the product offering lineup. Having first launched in September 2022, the platform claimed recently that it has over 320,000 users accessing the service. Besides Dubai, amana has offices in London, Limassol and Beirut. The company is not the first online broker to bridge the gap between traditional finance and digital assets. American commission-free trading platform Robinhood has made in-roads into crypto. The company has plans to roll out its crypto offerings to the Singapore market later this year.  UK-based neobank Revolut has expanded into the world of investing, including crypto as part of that offering. It emerged last year that the firm has plans to launch a stablecoin. flatexDEGIRO, a European online broker that offers stocks, bonds and exchange-traded funds (ETFs), outlined last November that it plans to extend its product offering to include cryptocurrencies.