In an effort to expand the digital asset industry, Hong Kong has green-lighted several more cryptocurrency exchanges.
Hong Kong’s Securities and Futures Commission (SFC) has granted approval to four new crypto exchanges, according to the regulator’s updated list. They are Accumulus GBA Technology (Hong Kong), DFX Labs, Hong Kong Digital Asset EX and Thousand Whales Technology (BVI).
The freshly licensed virtual asset trading platforms (VATP) can «operate on a restricted scope of business» after they complete the required rectification in addition to a «vulnerability assessment and a penetration test through an independent third party with satisfactory results», according to a statement.
Expedited Process
During the Hong Kong Fintech Week in late October, Eric Yip, SFC’s executive director of intermediaries, said there were expectations to issue more crypto licenses by the end of the year, confirming that there were another 14 VATP applications being processed. In total, Hong Kong currently has seven licensed exchanges, including OSL, HashKey and HKVAX.
«We have been proactively engaging with VATPs’ senior management and ultimate controllers, which helps drive home our expected regulatory standards and expedite our licensing process for VATPs,» said Yip in the latest announcement. «We aim to strike a balance between safeguarding the interests of investors and facilitating continuous development for the virtual asset ecosystem in Hong Kong.»
