Hong Kong grants conditional licenses to four crypto platforms
The licences are conditional upon the platforms fulfilling regulatory requirements, including third-party vulnerability assessments and penetration tests to address security risks, under SFC supervision.
The Hong Kong Securities and Futures Commission (SFC) has granted conditional licences to four virtual asset trading platforms, including Accumulus GBA Technology, DFX Labs, Hong Kong Digital Asset EX, and Thousand Whales Technology. However, the platforms must meet certain regulatory conditions before they can begin fully operating.
These licences follow the SFC’s risk-based inspections, which were introduced in June to assess compliance with the region’s virtual asset regulations. The inspections are aimed at ensuring investor protection while promoting growth in the cryptocurrency sector.
The platforms must undergo third-party vulnerability assessments and penetration tests to address any potential security risks. The SFC will oversee the process, ensuring the platforms meet all necessary requirements before expanding their operations.
The SFC has also issued a roadmap to streamline the licensing process, providing clear guidance to ensure that licensed platforms maintain the highest security and compliance standards, safeguarding user funds and preventing fraud.
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