EddieJayonCrypto
19 Dec 24
Hong Kong's Securities and Futures Commission has granted licenses to four virtual asset trading platforms, advancing its regulatory framework for crypto trading. The licensed platforms, including Accumulus GBA Technology Ltd and DFX Labs Company Ltd, underwent rigorous inspections and will face ini...
Hong Kong's Securities and Futures Commission has granted licenses to four virtual asset trading platforms (VATPs) in a fast-tracked regulatory framework. The licensed platforms, including Accumulus GBA Technology Ltd, DFX Labs Company Ltd, Hong Kong Digital Asset EX Limited, and Thousand Whales Technology (BVI) Ltd, underwent rigorous inspections and will have initial restrictions lifted upon meeting required regulatory standards for full operational functionality.
The SFC aims to balance investor protection with fostering the growth of Hong Kong's virtual asset ecosystem, with plans to expand licensing for crypto businesses by year-end. This proactive approach underscores Hong Kong's commitment to becoming a global hub for virtual asset innovation while prioritizing investor safeguards.
The licensing process involved close collaboration with the VATPs' leadership teams, reflecting the Commission's dual focus on protecting investors while fostering growth in Hong Kong's virtual asset ecosystem. The SFC's broader plan includes considering licenses for 11 additional VATPs, further emphasizing Hong Kong's proactive approach to virtual asset innovation.