11 of Hong Kong’s Crypto Platforms to Get Licenses Before 2024 Ends

Hong Kong is stepping up its crypto game, and to level up it further 11 of Hong Kong’s crypto asset platforms are expected to get licenses before the end of the year.

On October 7, Hong Kong Securities and Futures Commission CEO Julia Leung Fung-yee said in an interview with ‘Hong Kong 01’ that promoting the regulatory system for virtual asset trading platforms, supporting the tokenization of traditional products, and using regional chains and Web 3 basic technologies, “will complete the entire framework at least next year.”

Speaking on the virtual asset trading platform, Fung-yee shared that Hong Kong SFC has issued the third license to the Hong Kong Virtual Asset Exchange (HKVAX), and the other two licensed firms – OSL Exchange and HashKey Exchange.

Fung-yee informed that nearly 11 platforms are considered as licensed applicants, and the licenses will be granted in a phased manner. She added that the first phase of on-site review has been started and the companies applying for licenses are required to make some rectifications. Fung-yee warned, “Applicants who do not meet the requirements will lose the qualification for licensing, and applicants who meet the requirements will be conditionally licensed.”

Leung Fung-yee said that the SFC has asked for industry opinions on the development of a new licensing system for cryptocurrency over-the-counter trading services and cryptocurrency custody services.

Fung-yee believes that it is essential to embrace financial innovation and promote the development of the regulatory system for virtual asset trading platforms to lead the transformation of the financial market.

Also Read: Hong Kong’s Crypto Securities Activities Revenue Was $77M Yuan in Q1 2024