Hong Kong set to grant more crypto exchange licences by year-end
Currently, 16 companies await decisions on their VATP applications, with 11 operating under a ‘deemed to be licensed’ status.
Hong Kong’s financial regulator, the Securities Futures Commission (SFC), has announced plans to grant more licences to crypto exchanges and digital asset firms by the end of the year.
SFC CEO Julia Leung stated that progress would be made in issuing licences to 11 currently operating Virtual Asset Trading Platforms (VATPs) from the regulator’s list of potential licensees, according to an 6 October report from local media outlet HK01. She added that the licences would be granted in batches, aiming to ensure better compliance across exchanges.
Currently, 16 companies await decisions on their VATP applications. Eleven of these firms are already operating under a “deemed to be licensed” status, though the SFC has advised traders against doing business with them until full approval is granted.
The SFC recently revealed its 2024-2026 roadmap, focusing on further regulation of crypto platforms, promoting Real World Asset (RWA) tokenisation, and exploring blockchain technologies. This comes after Hong Kong prioritised the licensing of crypto firms in the wake of a $165 million scandal involving the Dubai-based exchange JPEX.
