Hong Kong's crypto exchange licence applications are reportedly costing applicants several million dollars, significantly less than the $25 million required a year ago. Livio Wang, the COO of HashKey Group, disclosed that while the costs for licensing are substantial, they are not as high as previously estimated, with expenses ranging in the tens of millions of Hong Kong dollars. Following the crackdown on unlicensed crypto exchanges since June 1, Hong Kong regulators have taken strict measures, including the expulsion of all unlicensed exchanges, with penalties including criminal charges for non-compliance. Presently, over 11 firms have received the "deemed to be licensed" designation, while only two exchanges, HashKey and OSL, hold full licences. HashKey Exchange, which now manages $500 million in user assets and has facilitated $440 billion in cumulative trades, saw a significant increase in activated customers, signaling growing interest in the sector. Despite challenges faced by the industry, such as the collapse of unlicensed exchange JPEX in September 2023, efforts to regulate the crypto exchange landscape in Hong Kong continue.