Major Positive News: Hong Kong Approves 4 New Cryptocurrency Trading Licenses
On the global chessboard of the cryptocurrency market, Hong Kong is making a crucial move. On December 18, the Hong Kong Securities and Futures Commission (SFC) made a significant move by swiftly granting licenses to 4 applicants for virtual asset trading platforms. The 4 fortunate ones are: Cloud Account Greater Bay Area Technology (Hong Kong) Limited, DFX Labs Company Limited, Hong Kong Digital Asset Trading Group Limited, and Thousand Whales Technology (BVI) Limited.
Including the previously licensed OSL Digital Securities Limited and 3 others, the total number of licensed virtual asset trading platforms in Hong Kong has reached 7, ushering in a new transformation in the cryptocurrency trading market.
The SFC has a rigorous “three-step” policy for license applications. First, applicants must agree on a series of improvement actions with the SFC after receiving feedback from on-site inspections. Next, after meeting improvement standards, the SFC will issue a conditional license allowing operations within a limited scope. Finally, the SFC will collaborate with the licensed platform to find a third party for external evaluation to enhance the platform's stability. Once the evaluation is completed, business restrictions will be fully lifted, similar to a child growing up and being relieved of many constraints.
The SFC stated that as part of the guidelines issued in June, these newly licensed companies underwent rigorous on-site inspections earlier this year. The inspections identified areas needing improvement, and these companies have taken measures to ensure they obtain restrictive licenses. Additionally, applicants must complete corrective actions according to licensing conditions and achieve satisfactory results through independent third-party vulnerability assessments and penetration testing before they can operate.
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