Hong Kong's Securities and Futures Commission (SFC) has granted licenses to four additional crypto exchanges: HKbitEX, Accumulus, DFX Labs, and EX.IO. This brings the total number of licensed exchanges in Hong Kong to seven, alongside OSL, HashKey, and HKVAX. The SFC introduced the virtual asset trading platforms (VATPs) licensing regime in June 2023 to ensure a secure environment for retail crypto investors. The framework includes strict compliance standards like risk management, transparency, and user protection. The SFC has streamlined the licensing process by directly engaging with platform management. The assessment involves two phases: internal system evaluation and compliance verification. The SFC plans to establish a consultative panel for licensed VATPs in early 2025 to promote collaboration and address market challenges. Hong Kong aims to become a leading crypto hub by balancing oversight with industry-friendly measures. The region's commitment to transparency is evident through regularly updated lists of licensed platforms. These initiatives demonstrate Hong Kong's ambition to excel in the global crypto market. Read more AI-generated news on: https://app.chaingpt.org/news