The Hong Kong regulator has issued licenses to four new cryptocurrency platforms, highlighting the region's intent to strengthen its regulatory framework for virtual assets.
New Licenses for Crypto Platforms
The Hong Kong Securities and Futures Commission has granted cryptocurrency trading licenses to four new platforms: Accumulus GBA Technology, DFX Labs, Hong Kong Digital Asset EX, and Thousand Whales Technology. This brings the total number of licensed platforms to seven. These entities will operate under a restricted scope until all regulatory concerns identified during inspections are addressed.
Regulatory Requirements for Platforms
In order to lift restrictions, the new platforms must conduct independent vulnerability assessments and penetration tests, with results satisfactory to third-party auditors. Licensing is part of Hong Kong's campaign to reinforce its regulatory framework for virtual assets.
Hong Kong's Aspiration to Lead in Crypto Industry
Hong Kong aims to become a hub for cryptocurrencies, unlike China, where strict bans on crypto-related commercial activities are in place. The sector already has licensed platforms such as OSL, HashKey, and HKVAX. This year, nearly 30 applications were received, although due to the stringent regulatory regime, companies like OKX and HTX have withdrawn their applications.
The new licensing in Hong Kong is a significant step towards strengthening its position as a cryptocurrency center, despite competition and strict requirements.
