Hong Kong’s Securities and Futures Fee (SFC) has issued licenses to 4 digital asset buying and selling platforms (VATPs), marking one other step in its fast-tracked regulatory framework, in accordance with a Dec. 18 assertion.
The licensed platforms embody Accumulus GBA Know-how Ltd, DFX Labs Firm Ltd, Hong Kong Digital Asset EX Restricted, and Thousand Whales Know-how (BVI) Ltd.
This brings the overall variety of licensed crypto buying and selling platforms within the Asian metropolis allowed to serve retail clients to seven, together with HashKey Group, OSL, and the Hong Kong Digital Asset Trade (HKVAX).
Licensing regimes
The SFC acknowledged that the not too long ago licensed corporations underwent rigorous on-site inspections earlier this 12 months as a part of the rules launched in June. The inspections recognized areas for enchancment, which the corporations addressed to safe their restricted licenses.
The licenses include preliminary restrictions, however these will likely be lifted after the platforms go a second-phase evaluation by exterior evaluators. The method will make sure the platforms meet the required regulatory requirements for full operational performance.
The SFC emphasised that the VATPs should conduct vulnerability assessments and penetration exams via impartial third events. These evaluations are crucial to sustaining safety and align with international worldwide requirements.
The SFC’s Government Director of Intermediaries, Eric Yip, acknowledged that the licensing course of concerned shut collaboration with the VATPs’ management groups. He highlighted the Fee’s twin give attention to defending traders whereas fostering progress in Hong Kong’s digital asset ecosystem.
Yip stated:
“We intention to strike a stability between safeguarding the pursuits of traders and facilitating steady growth for the digital asset ecosystem in Hong Kong.”
In the meantime, this growth aligns with the SFC’s broader plan to increase the licensing of crypto companies by year-end. In October, the regulator revealed that 11 extra VATPs are beneath license consideration, with approvals anticipated to roll out in batches.
The SFC’s proactive method highlights Hong Kong’s dedication to changing into a world hub for digital asset innovation whereas sustaining sturdy investor safeguards.