Key Points:
- The Hong Kong SFC has licensed four additional cryptocurrency trading platforms, bringing the total to seven, as part of efforts to strengthen its virtual asset regulatory framework.
- The newly approved platforms must address regulatory concerns, including independent vulnerability assessments, before expanding their business operations.
The Hong Kong SFC has given virtual asset trading platform licenses to four other cryptocurrency trading platforms: Accumulus GBA Technology of Hong Kong, DFX Labs, Hong Kong Digital Asset EX, and Thousand Whales Technology of BVI.
Read more: Hong Kong SFC Adds MEXC to Violations List for Unlicensed Operations
Hong Kong Issues Four New Crypto Trading Licenses
The updated list of the licensed platforms was published on Thursday. These platforms will operate under a restricted business scope until they address concerns identified during the Hong Kong SFC’s inspections. They are required to undergo independent vulnerability assessments and penetration tests, with results deemed satisfactory by third-party auditors, before restrictions are lifted.
The approvals mark another step in Hong Kong‘s effort to strengthen its regulatory framework of virtual assets, as well as a campaign launched two years ago aimed at boosting the city’s appeal as a crypto hub.
The initiative comes as China enforces stringent bans on crypto-related commercial activities. By contrast, Hong Kong is carving its niche as a gateway to digital assets such as Bitcoin, which has surged by 60% in the past six months and recently burst through the $100,000 mark.
All Applications to Undergo Regulatory Audits Before Full Operations Begin
The Hong Kong SFC will conduct a second-phase review with the cooperation of the platforms and their own external reviewers. If everything works out, the platforms are permitted to expand their operations. A newly released circular details the licensing process and guidance on this next phase.
Previously, the Hong Kong SFC licensed three local platforms: OSL, HashKey, and HKVAX. The four new licensees were among nearly 30 applicants this year. However, some big companies, including OKX and HTX, pulled their applications due to the strict regulatory regime.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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Hong Kong SFC Approved 4 New Crypto Trading Platforms
Key Points:
- The Hong Kong SFC has licensed four additional cryptocurrency trading platforms, bringing the total to seven, as part of efforts to strengthen its virtual asset regulatory framework.
- The newly approved platforms must address regulatory concerns, including independent vulnerability assessments, before expanding their business operations.
The Hong Kong SFC has given virtual asset trading platform licenses to four other cryptocurrency trading platforms: Accumulus GBA Technology of Hong Kong, DFX Labs, Hong Kong Digital Asset EX, and Thousand Whales Technology of BVI.
Read more: Hong Kong SFC Adds MEXC to Violations List for Unlicensed Operations
Hong Kong Issues Four New Crypto Trading Licenses
The updated list of the licensed platforms was published on Thursday. These platforms will operate under a restricted business scope until they address concerns identified during the Hong Kong SFC’s inspections. They are required to undergo independent vulnerability assessments and penetration tests, with results deemed satisfactory by third-party auditors, before restrictions are lifted.
The approvals mark another step in Hong Kong‘s effort to strengthen its regulatory framework of virtual assets, as well as a campaign launched two years ago aimed at boosting the city’s appeal as a crypto hub.
The initiative comes as China enforces stringent bans on crypto-related commercial activities. By contrast, Hong Kong is carving its niche as a gateway to digital assets such as Bitcoin, which has surged by 60% in the past six months and recently burst through the $100,000 mark.
All Applications to Undergo Regulatory Audits Before Full Operations Begin
The Hong Kong SFC will conduct a second-phase review with the cooperation of the platforms and their own external reviewers. If everything works out, the platforms are permitted to expand their operations. A newly released circular details the licensing process and guidance on this next phase.
Previously, the Hong Kong SFC licensed three local platforms: OSL, HashKey, and HKVAX. The four new licensees were among nearly 30 applicants this year. However, some big companies, including OKX and HTX, pulled their applications due to the strict regulatory regime.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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