3) In general a lot of the answer here is "we'll see". As @AdamScochran notes, the SFC hasn't yet come out with the new policy, just noted that there _will be_ one.
So take everything here with a grain of salt.
4) There are a number of interesting distinctions here.
What applies to HK _customers_ vs HK _exchanges_?
What does it mean to be in HK?
And who, exactly, *is* in HK?
5) It's often pretty opaque to people where an exchange really is.
Sometimes it's opaque to an exchange itself.
6) Which jurisdiction has the most employees? Which has leadership? Where is it incorporated? The answer is different for Binance; Huobi; OKEx; BitMEX; FTX; Bybit; Bitstamp; etc.
7) Anyway, just a long way of saying: sometimes these things are subtle and non-obvious.
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