Hong Kong's Securities and Futures Commission (SFC) has granted licenses to four additional cryptocurrency exchanges.
Hong Kong's Securities and Futures Commission (SFC) has granted licenses to four additional cryptocurrency exchanges, marking a significant step in the region's push to establish itself as a leading crypto hub.
The newly licensed exchanges—HKbitEX, Accumulus, DFX Labs and EX.IO—received approval under the SFC's expedited licensing process, which was designed to streamline operations for virtual asset trading platforms (VATPs).
The SFC's decision comes after the exchanges addressed feedback received during on-site inspections.
This move follows the earlier issuance of licenses to three other platforms—OSL, HashKey and HKVAX—highlighting the regulator's ongoing efforts to enhance the licensing framework for crypto firms.
In June 2023, Hong Kong officially launched its crypto licensing regime, which allows licensed exchanges to offer retail trading services. The SFC has emphasized its commitment to accelerating the licensing process.
Eric Yip, Executive Director of Intermediaries at the SFC, stated that the agency has been actively engaging with senior management of virtual asset trading platforms (VATPs) to clarify regulatory expectations and expedite the licensing timeline.
In a related announcement, the SFC outlined new details regarding its revamped licensing process. This includes rigorous assessments of applicants' platform policies, procedures, systems, and controls, which must be certified by a qualified public accountant.
The SFC will oversee the second-phase assessment in collaboration with VATPs and their external assessors, with the possibility of expanding their business scope upon successful completion.
Additionally, Joseph Chan, Acting Secretary for Financial Services and the Treasury, revealed plans to establish a consultative panel for licensed crypto trading platforms, expected to begin operations early next year. This initiative reflects Hong Kong's proactive approach to fostering a regulated environment for the burgeoning cryptocurrency industry.
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