5 months ago
Hong Kong’s Securities and Futures Commission (SFC) has issued licenses to 4 virtual plus trading platforms (VATPs), marking different measurement successful its fast-tracked regulatory framework, according to a Dec. 18 statement.
The licensed platforms see Accumulus GBA Technology Ltd, DFX Labs Company Ltd, Hong Kong Digital Asset EX Limited, and Thousand Whales Technology (BVI) Ltd.
This brings the full fig of licensed crypto trading platforms successful the Asian metropolis allowed to service retail customers to seven, including HashKey Group, OSL, and the Hong Kong Virtual Asset Exchange (HKVAX).
Licensing regimes
The SFC stated that the precocious licensed firms underwent rigorous on-site inspections earlier this twelvemonth arsenic portion of the guidelines introduced successful June. The inspections identified areas for improvement, which the firms addressed to unafraid their restricted licenses.
The licenses travel with archetypal restrictions, but these volition beryllium lifted aft the platforms walk a second-phase appraisal by outer evaluators. The process volition guarantee the platforms conscionable the required regulatory standards for afloat operational functionality.
The SFC emphasized that the VATPs indispensable behaviour vulnerability assessments and penetration tests done autarkic 3rd parties. These evaluations are captious to maintaining information and align with planetary global standards.
The SFC’s Executive Director of Intermediaries, Eric Yip, stated that the licensing process progressive adjacent collaboration with the VATPs’ enactment teams. He highlighted the Commission’s dual absorption connected protecting investors portion fostering maturation successful Hong Kong’s virtual plus ecosystem.
Yip said:
“We purpose to onslaught a equilibrium betwixt safeguarding the interests of investors and facilitating continuous improvement for the virtual plus ecosystem successful Hong Kong.”
Meanwhile, this improvement aligns with the SFC’s broader program to grow the licensing of crypto businesses by year-end. In October, the regulator revealed that 11 further VATPs are nether licence consideration, with approvals expected to rotation retired successful batches.
The SFC’s proactive attack highlights Hong Kong’s committedness to becoming a global hub for virtual plus innovation portion maintaining robust capitalist safeguards.
The station Hong Kong approves 4 caller crypto trading level licenses successful regulatory push appeared archetypal connected CryptoSlate.
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