Hong Kong’s Securities and Futures Commission (SFC) plans to issue more crypto exchange licenses by the end of the year. According to an interview with SFC chief executive Julia Leung published on HK01, the regulator has recently granted its third license under the new crypto trading platform licensing regime, approving HKVAX to operate as a crypto exchange in Hong Kong. This follows earlier approvals for OSL and HashKey.
The SFC’s “deemed-to-be-licensed” list currently includes 11 platforms that have applied for virtual asset trading platform licenses. The first stage of onsite inspections has been completed, and the SFC has requested that these applicants make necessary adjustments. Leung stated that the goal is to make progress by year-end, including granting licenses in batches.
HKVAX, upon receiving its license, announced that it focuses on security token offerings, real-world asset tokenization, and services like over-the-counter trading, exchange, and custody. Anthony Ng, co-founder and CEO of HKVAX, emphasized that this move aligns with Hong Kong’s aim to strengthen its position as a global financial hub and leader in the virtual asset industry.
Despite these developments, some concerns remain about Hong Kong’s crypto licensing regime. Duncan Chiu, a local lawmaker, criticized the “excessively stringent” regulations, stating that they have deterred major global exchanges from entering the market. Several exchanges, including OKX, Gate.io, and HTX, have withdrawn their license applications, while Bullish and Crypto.com remain on the list of applicants.