Cryptocurrency exchange Bybit has expressed its desire to operate in Hong Kong and has applied for a license to trade virtual assets. This information has been confirmed by Hong Kong regulators, the Securities and Futures Commission (SFC). Bybit submitted its application through the company Spark Fintech Limited on the last day of January 2024.

Currently, the SFC is reviewing applications from 14 cryptocurrency platforms, including OKX and HKVAX. Obtaining a Virtual Asset Service Provider (VASP) license is considered an important step for Bybit, given Hong Kong's strategic location and advanced infrastructure, making it an ideal base for operations and serving institutional clients in the Asia-Pacific region.

Hong Kong's attitude towards the cryptocurrency industry differs from the situation in mainland China. In 2023, local authorities expressed their intention to become an international hub for digital assets and amended legislation, launching several crypto-friendly programs. In the summer, the region implemented a licensing regime for platforms trading virtual assets, allowing them to offer retail services related to digital currency exchange.

Hong Kong regulators have already granted permission for two platforms, HashKey and OSL, to operate. Furthermore, regulatory bodies are exploring the possibility of approving cryptocurrency exchange-traded funds (ETFs). The SFC and the Hong Kong Monetary Authority are supportive of this initiative, aiming to attract investors to Hong Kong following the launch of similar products in the United States.