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Hong Kong SFC Licenses 4 Crypto Trading Platforms
The Securities and Futures Commission (SFC) of Hong Kong has granted licenses to four virtual asset trading platforms (VATPs) under its expedited licensing process for deemed to-be-licensed applicants. The four newly licensed platforms are: Accumulus GBA Technolgy (Hong Kong), DFX Labs Company Limited, Hong Kong Digital Asset EX Limited, and Thousand Whales Technology (BVI) Limited.
The decision comes after the completion of a series of risk-based on-site inspections initiated in June 2024. As a condition of licensing, these platforms are restricted to a limited scope of business until they address feedback received during inspections.
Key requirements include conducting a vulnerability assessment and penetration test, both to be completed through independent third parties with satisfactory results. This move by the SFC is aimed at striking a balance between investor protection and fostering innovation in the virtual asset ecosystem in Hong Kong.
The Executive Director of Intermediaries, Dr. Eric Yip, emphasized that “We aim to strike a balance between safeguarding the interests of investors and facilitating continuous development for the virtual asset ecosystem in Hong Kong.” The licensing process includes a second-phase assessment, during which the SFC will supervise the engagement between VATPs and their external assessors. After successful completion, the restriction on the platforms’ business scope will be lifted.
The recent move by the SFC is expected to boost investor confidence and attract more crypto-related businesses to Hong Kong, as it aims to establish itself as a major hub for the virtual asset industry.
Source: www.cryptonewsz.com
