Hong Kong regulator intends to approve more crypto exchange licenses in batches by year-end: report
Quick Take
- Julia Leung, chief executive of the Hong Kong Securities and Futures Commission, told HK01 that the regulator aims to see progress by the end of the year, including issuing licenses in batches.
- Last week, the SFC issued its third license under the new crypto trading regime to HKVAX.
Hong Kong’s financial regulator has given out its third license under the new crypto trading platform licensing regime and aims to approve more platforms on the “deemed-to-be-licensed” list by the end of this year, according to a local media report.
In an interview published on Monday with local news website HK01, Julia Leung, chief executive of the Hong Kong Securities and Futures Commission, said the regulator has approved HKVAX to operate as a crypto exchange in Hong Kong, following earlier approvals for OSL and HashKey.
Leung said that there are 11 platforms on the SFC’s list of deemed-to-be-licensed virtual asset trading platform applicants, and the regulator has completed the first stage of onsite inspections and has asked these applicants to make necessary adjustments.
Leung added that the SFC’s goal is to see progress by the end of the year, including issuing licenses in batches. The Block reached out to the SFC for further comment.
Upon receiving the license, HKVAX said in a statement last Thursday that the firm specializes in security token offerings and real-world asset tokenization, in addition to over-the-counter trading, exchange and custody services.
“This aligns with Hong Kong's goals to strengthen its position as a financial hub and international asset management center,” said Anthony Ng, co-founder and CEO of HKVAX, in the statement. “Obtaining the licence affirms HKVAX and demonstrates Hong Kong's resolve to lead in the virtual asset industry.”
Hong Kong has rolled out the welcome mat for crypto firms, and in June 2023, it officially started a crypto licensing regime for crypto trading platforms, allowing licensed exchanges to offer retail trading services.
However, Duncan Chiu, a Hong Kong lawmaker, has raised concerns over the “excessively stringent” regulations for crypto exchanges to obtain a license, criticizing that these rules have pushed major global exchanges away from entering Hong Kong. Many global exchanges — including OKX, Gate.io and HTX — have withdrawn their license applications in Hong Kong. Bullish and Crypto.com remained on the list of license applicants, according to the SFC’s website.
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