Crypto exchange licenses in Hong Kong are expected to increase by the end of the year. According to a report by local media, the Hong Kong Securities and Futures Commission (SFC) has issued its third license under the new crypto trading platform licensing regime, granting approval to HKVAX as a crypto exchange.
Julia Leung, the chief executive of the SFC, shared insights in an interview with HK01, stating that OSL and HashKey were among the first platforms to receive licenses. Currently, there are 11 platforms on the SFC’s ‘deemed-to-be-licensed’ list, and the regulator has conducted initial onsite inspections while requesting adjustments from applicants.
Leung emphasized the goal of seeing progress by year-end, including the potential for batch license issuances. Following their license approval, HKVAX highlighted their specialization in security token offerings and real-world asset tokenization, along with various trading and custody services.
Anthony Ng, co-founder and CEO of HKVAX, noted that this approval aligns with Hong Kong's ambitions to solidify its status as a financial hub and asset management center. He underlined that this move reinforces Hong Kong's leadership in the virtual asset sector.
In June 2023, Hong Kong initiated a crypto licensing regime, welcoming crypto firms to offer retail trading services. However, concerns have been raised by lawmaker Duncan Chiu regarding stringent regulations, which he argues may deter major global exchanges from entering the market. Notably, exchanges such as OKX, Gate.io, and HTX have withdrawn their applications, while Bullish and Crypto.com remain on the applicant list.
