On December 18, the Hong Kong Securities and Futures Commission (SFC) licensed four virtual asset trading platforms (VATPs), marking a significant step forward in refining its regulatory framework.

The licensed platforms include Accumulus GBA Technology Ltd, DFX Labs Company Ltd, Hong Kong Digital Asset EX Limited, and Thousand Whales Technology (BVI) Ltd.

This brings the total number of licensed cryptocurrency trading platforms in the city to seven, including prominent names such as HashKey Group, OSL, and Hong Kong Virtual Asset Exchange (HKVAX), all of which are permitted to serve retail customers.

According to SFC's announcement, the newly licensed companies underwent rigorous on-site inspections earlier this year, as part of the guidelines issued in June. These inspections helped identify areas for improvement, and the companies have taken necessary measures to meet the requirements of the temporary licenses.

Although these licenses come with initial restrictions, these restrictions will be lifted after the platforms pass the phase two assessment by external evaluators. This process will ensure that the platforms fully meet the necessary regulatory standards for stable and sustainable operation.

SFC emphasizes that all VATPs must conduct vulnerability assessments and penetration testing through independent third-party organizations. This is a crucial requirement to maintain security and uphold global international standards.

The executive director overseeing SFC's intermediary operations, Eric Yip, stated that this licensing process is carried out with close cooperation between the Commission and the leadership teams of the VATPs. He emphasized that SFC's dual focus is to protect investor interests while promoting the sustainable development of the virtual asset ecosystem in Hong Kong.

"We aim to strike a balance between protecting investors' interests and facilitating continuous development of the virtual asset ecosystem in Hong Kong."

This development is also part of SFC's larger plan to expand licensing for cryptocurrency businesses by the end of this year. In October, the regulator announced that 11 additional VATPs are under consideration for licensing, with approvals expected to be rolled out in batches.



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