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Hong Kong has moved a step closer to becoming a major player in the global cryptocurrency market after approving four new virtual asset trading platforms (VATPs). The move brings the total number of licensed exchanges in the city to seven.
As part of its swift licensing process, the Hong Kong Securities and Futures Commission (SFC) has granted provisional licenses to Accumulus GBA Technology Co Ltd, DFX Labs Co Ltd, Hong Kong Digital Assets EX Ltd, and Thousand Whales Technology Ltd. These firms are now authorized to conduct business within a restricted scope while working on meeting further regulatory requirements.
The SFC’s swift licensing process aims to balance the need for innovative fintech companies with the requirement for robust investor protection. The new licenses allow these platforms to begin operating more quickly, but they still need to meet additional regulatory hurdles before fully launching without restrictions.
Hong Kong’s efforts to streamline its crypto regulatory environment are expected to attract even more virtual asset trading platforms to the city.
Source: www.crypto-news.net
