Hong Kong’s Securities and Futures Commission (SFC) has reportedly stated that nearly a dozen cryptocurrency exchanges are close to obtaining their trading licenses.

According to a Bloomberg report, the SFC’s website on June 1st indicated that 11 applicants, including Crypto.com based in Singapore and Bullish based in Hong Kong, are “deemed to be licensed.”

Last year, Hong Kong introduced new regulations for digital asset exchanges and set a deadline of June 1st for crypto exchanges to acquire a virtual asset trading platform license or receive the “deemed to be licensed” status. The SFC’s website currently lists two fully licensed crypto exchanges in the region – HashKey Exchange and OSL Group.

Bloomberg also reports that only licensed platforms, or those deemed to be licensed, will be permitted to operate in Hong Kong. The SFC will eventually issue official permits to digital asset trading platforms that demonstrate consistent compliance.

In May, the OKX crypto exchange announced that it had withdrawn its application for a virtual asset trading platform license and would cease operations in Hong Kong.

In late February, HTX, the crypto exchange associated with Tron (TRX) founder Justin Sun, formerly known as Huobi, announced the withdrawal of its application for a virtual asset trading platform license in Hong Kong. HTX later reapplied but eventually withdrew the application again. Another crypto exchange, Bybit, also withdrew its application for Hong Kong’s virtual asset trading platform license.

Binance, Coinbase Global, and Kraken did not submit applications for a license.

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