Hong Kong Approves Licenses for 4 Crypto Exchanges

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The securities regulator in Hong Kong has approved four new cryptocurrency recent surge in the price of Bitcoin.

As of Thursday, the Securities and Futures Commission (SFC) has granted virtual asset trading platform (VATP) licenses to Accumulus GBA Technology (Hong Kong), DFX Labs, Hong Kong Digital Asset EX, and Thousand Whales Technology (BVI), according to the updated list published by the SFC.

This approval coincides with the city’s efforts to strengthen its virtual asset regulatory regime, which was launched two years ago. The goal is to support the growth of the crypto business in Hong Kong while also protecting retail investors.

Unlike mainland China’s strict ban on commercial activities involving cryptoassets, Hong Kong has positioned itself as a hub for accessing digital assets like Bitcoin, which has seen a 60% increase in price over the last six months and recently surpassed $100,000 for the first time.

The SFC’s executive director of intermediaries, Eric Yip, stated that they have actively engaged with the senior management and ultimate controllers of the newly licensed exchanges to ensure they meet expected regulatory standards.