Highlights The Hong Kong Securities Regulatory Commission (SFC) has licensed four cryptocurrency trading platforms under an enhanced regulatory framework for virtual assets, bringing the total number to seven:
Newly licensed platforms must conduct an independent vulnerability assessment before expanding their operations. Regulatory concerns need to be addressed, including
the SFC in Hong Kong has granted virtual asset trading platform licenses to four more #cryptocurrency trading platforms: Hong Kong-based Accumulus GBA Technology, DFX Labs, Hong Kong Digital Asset EX and BVI-based Thousand Whales Technology.
the latest list of licensed platforms was announced on Thursday. These platforms will operate in a restricted mode until the problems identified in the Hong Kong SFC inspection are rectified. Before the restrictions can be lifted, these platforms must undergo independent vulnerability assessments and penetration tests.
The license approval is a new step in Hong Kong's efforts to strengthen the regulatory framework for virtual assets and boost Hong Kong's appeal as a crypto hub, two years in the making. It is also part of a campaign launched
This initiative comes at a time when China has strictly banned commercial activities related to #cryptocurrencies . Instead, Hong Kong is carving out a niche as a gateway for #digital assets such as #bitcoin , which has surged 60 percent in the past six months and recently crossed the $100,000 mark.
SFC Hong Kong, with the help of the platform and its own external experts, will conduct a second round of verification. If there are no problems, the platform will be allowed to expand its operations. The recent notification details the process of obtaining a license and provides guidance on the next steps.
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