Hong Kong’s Crypto Regulator Approves Third License
Hong Kong’s financial regulator has granted its third license under the new crypto trading platform licensing regime, with plans to approve more platforms by year-end, according to local media.
In an interview with HK01, Julia Leung, chief executive of the Hong Kong Securities and Futures Commission (SFC), confirmed HKVAX’s approval to operate as a crypto exchange, following OSL and HashKey’s earlier approvals.
Leung stated that there are currently 11 platforms on the SFC’s deemed-to-be-licensed list, and the regulator has completed the initial onsite inspections, advising applicants to make required adjustments.
The SFC aims for progress by year’s end, including batch licensing. After receiving its license, HKVAX announced its focus on security token offerings, real-world asset tokenization, OTC trading, exchange, and custody services.
“This aligns with Hong Kong’s goals to strengthen its position as a financial hub,” said Anthony Ng, co-founder and CEO of HKVAX. Obtaining this license reaffirms both HKVAX and Hong Kong’s commitment to leading the virtual asset industry.
In June 2023, Hong Kong officially launched a crypto licensing regime, enabling licensed exchanges to offer retail trading services. However, some lawmakers, including Duncan Chiu, have voiced concerns about the “excessively stringent” licensing regulations, which may deter major global exchanges from entering Hong Kong. Notably, several global exchanges, like OKX, Gate.io, and HTX, have withdrawn their applications, while Bullish and Crypto.com remain on the applicant list.
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