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Hong Kong Grants Licenses to Four New Crypto Exchanges Amid Accelerated Licensing Push

19 December 2024
in News, Regulation
Reading Time: 3 mins read
103 5
Home News

Hong Kong’s Securities and Futures Commission (SFC) has issued licenses to four more virtual asset trading platforms (VATPs) as part of its drive to establish the city as a leading global crypto hub.

The newly licensed exchanges—HKbitEX, Accumulus, DFX Labs, and EX.IO—received approval under the SFC’s new “swift licensing process.”

The announcement reflects Hong Kong’s increasing efforts to streamline regulatory procedures and solidify its competitive position in the crypto market. According to Eric Yip, the SFC’s Executive Director of Intermediaries, proactive engagement with VATPs’ senior management and ultimate controllers has been instrumental in meeting regulatory standards and speeding up the licensing timeline.

The SFC also released an updated licensing process, which includes robust measures to ensure compliance with regulatory standards. The revised process involves on-site inspections, as well as second-phase assessments of an applicant’s policies, procedures, systems, and controls. These assessments must be certified by an external public accountant.

“[…] The SFC will supervise the whole second-phase assessment process through a tripartite engagement with the VATPs and their external assessors,”

the regulator noted, adding that restrictions on business scope will be lifted only after satisfactory completion of tSFC’shase.

The SFC also plans to establish a “consultative panel” for licensed trading platforms, which is expected to launch in early 2025. Acting Secretary for Financial Services and the Treasury Joseph Chan described the panel as a forum to enhance communication and policy alignment between regulators and industry players.

This development comes as Hong Kong advances its broader crypto regulatory agenda. On December 18, 2024, a proposed stablecoin bill, which aims to introduce a robust framework for fiat-backed stablecoin issuers, passed its first reading at the City’s Legislative Council. Christopher Hui, Secretary for Financial Services and the Treasury, highlighted the urgency of stablecoin regulation, emphasizing the risks of leaving these assets unchecked, especially as they gain traction as a payment method.

 

If you want to read more news articles like this one, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and the CoinMarketCap Community.

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Buddy Jewel is a finance writer specializing in cryptocurrency news. With a keen eye on the latest developments in the digital asset space, I provides insightful and timely updates on the ever-evolving world of crypto.

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