Hong Kong SFC receives 18 applications for virtual asset trading platform licenses from local and global crypto exchanges.
Hong Kong also sees its first application for a spot Bitcoin ETF from Harvest Hong Kong, one of China’s largest fund managers.
Hong Kong’s Securities and Futures Commission (SFC) has seen a surge in crypto license applications from both local and global players in the past two months. On Feb. 20, Huobi HK, the Hong Kong arm of crypto exchange Huobi, became the 18th applicant for a virtual asset trading platform license.
The SFC introduced a new regulatory framework for crypto exchanges in November 2023, requiring them to obtain a license to operate in Hong Kong. The license allows them to offer trading services for security tokens and non-security tokens, such as Bitcoin and Ether, to professional investors.
Applicants must successfully complete strict due diligence procedures, such as a conventional financial audit with a wider scope than proof of
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