Bybit has officially submitted its application for a Virtual Asset Trading Operator (VATP) license to the Hong Kong Securities and Exchange Commission (SFC), according to the regulator’s official website.
The SFC’s website reveals that over 14 business entities have applied for the VATP license, with Bybit being the most recent addition to the list. The crypto exchange applied for the license through a corporate entity named Spark Fintech Limited on 31 January 2024.
Other applicants include local institutions like Hong Kong BGE Limited, Hong Kong Digital Asset EX Limited, Hong Kong Virtual Asset Exchange Limited, and foreign-based exchanges such as OKX’s subsidiary, OKX Hong Kong FinTech Company Limited.
The SFC stressed that meeting the agency’s requirements is crucial for all applicants, including Bybit, and failure to do so may result in rejection. The agency also issued a warning to citizens about the risks associated with trading on unlicensed VATPs, underscoring the importance of due diligence.
Hong Kong, known for its pro-innovation stance, elevated its status as a crypto-friendly region in 2023 and emerged as a global crypto hub in the same year. The government enacted legislation that allows retail investors direct interaction with cryptocurrencies, aligning with the city’s reputation as a cosmopolitan hub for key industries like shipping, finance, trade, retail, and now, cryptocurrency.
Bybit’s application for the VATP license in Hong Kong reflects its strategic move to expand operations globally. In October 2023, the exchange registered for a license to provide services for trading derivative products in South Africa under the business name Money Doc (Proprietary) Limited.
Simultaneously, Bybit launched a new fiat service allowing South African users to make deposits on the platform using the South African Rand (ZAR). These initiatives demonstrate Bybit’s commitment to global expansion and adaptability to regional market demands.
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