The Virtual Asset Trading Platform (VATP) is a license provided by the government of Hong Kong that allows crypto exchanges to operate within the bounds of the region.
Although the license has been available for several years now, only two exchanges – HashKey and OSL – are currently in possession of one. A number of applicants have been on the waitlist for a while – including HTX, formerly known as Huobi, until yesterday, when the firm withdrew its application.
Earlier Plans Abandoned
Previously, HTX CEO Justin Sun had stated that his exchange would pursue a VATP license, allowing his exchange to operate in Hong Kong.
At the time, HTX was looking into ways to expand its reach globally, in spite of a spate of attacks that could have seriously damaged the exchange’s credibility had they not been thwarted.
One planned expansion method was the founding of Huobi Hong Kong due to China’s perceived dominance in the industry and the resulting need to have a base of operations close t
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