The Securities and Futures Commission (SFC) of Hong Kong has granted virtual asset service provider (VASP) licenses to four more cryptocurrency exchanges, bringing the total number of licensed exchanges in the city to seven. The four new exchanges to receive licenses are HKbitEX, Accumulus, DFX Labs, and EX.IO. This follows an expedited licensing process launched by the SFC in 2022, aimed at streamlining the application process for crypto exchanges. Prior to this, the SFC had granted licenses to three other exchanges: OSL, HashKey, and HKEX's HKVAX. The licensing regime is part of Hong Kong's efforts to establish itself as a hub for digital asset trading while also ensuring investor protection. To obtain a license, exchanges must meet a range of criteria, including having robust anti-money laundering and know-your-customer (KYC) procedures in place. The SFC has also emphasized the importance of exchanges partnering with reputable custodians to safeguard client assets. The licensing of these four additional exchanges is a significant step forward for Hong Kong's crypto industry. It demonstrates the SFC's commitment to regulating the sector while fostering innovation and growth. As more exchanges receive licenses, it is expected to enhance competition and provide investors with a wider range of options for trading digital assets in a regulated environment. ```