Hong Kong's securities regulator has recently licensed four additional cryptocurrency exchanges, marking another strategic step in the city's ambition to become a global digital asset trading hub.
Newly Licensed Crypto Exchanges
The Securities and Futures Commission (SFC) of Hong Kong granted operational licenses to the following platforms:
- Accumulus GBA Technology (Hong Kong) Limited
- DFX Labs
- Hong Kong Digital Asset EX
- WhaleTech (BVI)
This brings the total number of licensed Virtual Asset Trading Platforms (VATPs) in Hong Kong to seven, including three previously authorized local exchanges:
- OSL
- HashKey
- HKVAX
Regulatory Landscape and Competition
The four newly approved exchanges were part of nearly 30 applicants this year. However, stricter regulatory requirements led several major platforms—including OKX and HTX—to withdraw their applications, leaving only about a dozen active candidates.
👉 Explore licensed crypto platforms
Key Developments in Hong Kong’s Crypto Market
- June 2023: Hong Kong launched its cryptocurrency licensing framework, permitting licensed exchanges to offer retail trading services.
- April 2024: The city introduced Asia’s first spot Bitcoin and Ethereum ETFs, following the U.S.’s landmark Bitcoin ETF approval.
- July 2024: The Hong Kong Monetary Authority (HKMA) unveiled its "Stablecoin Issuer Sandbox", with participants like JD CoinChain Tech and Standard Chartered Bank (Hong Kong).
Web3.0 and Capital Influx
Hong Kong’s Cyberport, the city’s premier tech incubator, now hosts over 270 Web3.0-focused companies, raising HKD 400+ million in funding. Notably, 30% of these firms were founded by mainland Chinese entrepreneurs.
FAQs
Q: How many crypto exchanges are now licensed in Hong Kong?
A: Seven, including the four newly approved platforms.
Q: Why did OKX and HTX withdraw their applications?
A: Due to heightened regulatory scrutiny and compliance requirements.
Q: What’s next for Hong Kong’s crypto regulations?
A: An advisory panel for licensed exchanges will begin operations in early 2025.
👉 Stay updated on crypto regulations
Hong Kong continues to position itself as a regulated yet innovative hub for digital assets, balancing competitiveness with investor protection.
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