Hong Kong's Securities and Futures Commission (SFC) has issued licenses to four virtual asset trading platforms (VATPs) on December 18, another step in its fast-track regulatory framework. Statement.
Licensed platforms include Accumulus GBA Technology Ltd, DFX Labs Company Ltd, Hong Kong Digital Asset EX Limited, and Thousand Whales Technology (BVI) Ltd.
Thus the total number of licensed crypto trading platforms in the Asian city that are allowed to serve retail clients, including HashKey Group, OSL and Hong Kong Virtual Asset Exchange (HKVAX).
Licensing regimes
The SFC said the recently licensed companies were subjected to rigorous on-site inspections earlier this year as part of guidelines introduced in June. Inspections identified areas for improvement that companies addressed to secure their limited licenses.
Licenses come with initial restrictions, but they are lifted after passing a second-stage evaluation by external evaluators. This process ensures that the platforms meet the requirements Regulatory standards For full operational performance
The SFC emphasized that VATPs must conduct vulnerability assessments and penetration tests through independent third parties. These assessments are critical to maintaining security and alignment with global international standards.
Eric Yip, Executive Director of SFC Intermediaries, stated that the licensing process involves working closely with the VATP leadership teams. He emphasized the commission's dual focus on protecting investors while growing Hong Kong's virtual asset ecosystem.
Yip said:
We aim to strike a balance between protecting the interests of investors and facilitating continued development for the virtual asset ecosystem in Hong Kong.
Meanwhile, the development is in line with the SFC's broader plan to extend the licensing of crypto businesses by the end of the year. In October, the regulator revealed that an additional 11 VATPs were under license review, with approvals expected to come in batches.
The SFC's proactive approach highlights Hong Kong's commitment to becoming a Global Center for Virtual Asset Innovation while maintaining strong investor protection.
