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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. This development marks a significant milestone in the growth of the crypto industry in Hong Kong.
The 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 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 the inspections. Key requirements include conducting a vulnerability assessment and penetration test, both of which must be completed through independent third parties with satisfactory results.
The SFC’s Executive Director of Intermediaries, Dr. Eric Yip, emphasized the balance between investor protection and fostering innovation in an interview, stating, “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. Once successful completion is achieved, the restriction on the platforms’ business scope will be lifted.
This move by the SFC is seen as a significant step forward for the crypto industry in Hong Kong. The licensing of these four platforms sends a positive signal to other applicants, demonstrating the commitment of the SFC to fostering innovation and growth while ensuring investor protection.
It remains to be seen how this development will impact the market, but one thing is certain: it sets a precedent for further developments in the future.
Source: www.cryptonewsz.com
