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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 recent development is a significant step forward in the crypto market, as it allows these platforms to operate legally within the jurisdiction.
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. This decision follows the completion of a series of risk-based on-site inspections initiated in June 2024.
As part of the licensing process, these platforms are restricted to a limited scope of business until they address feedback received during inspections. The SFC has imposed certain key requirements for these platforms, including conducting a vulnerability assessment and penetration test through independent third parties with satisfactory results.
Dr. Eric Yip, the SFC’s Executive Director of Intermediaries, emphasized the balance between investor protection and fostering innovation. “We aim to strike a balance between safeguarding the interests of investors and facilitating continuous development for the virtual asset ecosystem in Hong Kong,” he stated.
The licensing process also includes a second-phase assessment, during which the SFC will supervise the engagement between VATPs and their external assessors. Following successful completion of this phase, the restriction on the platforms’ business scope will be lifted.
Hong Kong’s decision to license these four crypto trading platforms is likely to send a positive signal to the global cryptocurrency market. The move demonstrates the jurisdiction’s commitment to embracing innovation while ensuring investor protection.
Source: www.cryptonewsz.com
