Hong Kong Grants Licenses to 4 Crypto Trading Platforms
The Hong Kong Securities and Futures Commission (SFC) has increased the number of approved virtual asset trading platforms (VATPs) by over 100% by granting licenses to four new firms.
On December 18, DFX Labs, Accumulus GBA Technology (Hongkong), Hong Kong Digital Asset EX, and Thousand Whales Technology (BVI) were added to the list of approved VATPs, which already included HashKey, OSL, and HKVAX.
According to an announcement by the SFC, these new exchanges were able to qualify for a swift licensing procedure for companies deemed ready to operate as VATPs. The newly approved exchanges were subject to on-site inspections and had to address any feedback from the SFC.
The inspections focused on areas such as ensuring the protection of client assets, implementing proper Know Your Customer procedures, and maintaining strong cybersecurity measures.
SFC executive director of intermediaries Eric Yip stated:
“We have been actively communicating with the senior management and ultimate controllers of VATPs, which has helped to establish our expectations for regulatory standards and expedite the licensing process.”
