The Hong Kong Securities and Futures Commission (SFC) has announced the issuance of licenses to four virtual asset trading platforms under its swift licensing process.
New Licensing Phase
The SFC approved licenses for four platforms: Accumulus GBA Technology Co Ltd, DFX Labs Co Ltd, Hong Kong Digital Assets EX Ltd, and Thousand Whales Technology Ltd following thorough inspections. These companies can now operate under a restricted scope but must address inspection findings.
Requirements for Full License
The platforms must pass the second phase to obtain full licenses. The SFC has revamped its requirements focusing on the companies' policies and controls. A tripartite assessment with the exchange and an external assessor will ensure compliance with standards.
Impact on Hong Kong's Crypto Market
The approval of these platforms is part of Hong Kong's efforts to become a leading crypto hub. According to SFC Director Eric Yip, the regulator aims to balance investor protection with ecosystem growth. Nonetheless, some major exchanges like OKX have withdrawn their applications due to the complex process.
Cryptocurrency regulation remains a key focus for Hong Kong. The approval of new platforms underscores the region's ambition to develop as a major center for virtual asset trading.
