Hong Kong Issues Four More Approvals for Crypto Exchanges

Hong Kong has approved four new cryptocurrency exchanges as part of the city's ongoing efforts to establish itself as a global hub for digital asset trading.

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

In total, there are now seven licensed virtual asset trading platforms in Hong Kong, with the new exchanges joining previously approved HashKey, OSL, and HKVAX.

Nick Ruck, director at LVRG Research, said the approvals underscore the city’s long-term commitment to digital assets.

The Hong Kong Securities and Futures Commission (SFC) stated that the approvals were granted under a "swift licensing process."

The move also comes one week after Joseph Chan, the Acting Secretary for Financial Services and the Treasury announced that the SFC will introduce a “swift licensing process” for crypto trading platforms.

"This approach can create a facilitative environment to foster innovation in a sustainable and responsible manner, while ensuring financial safety at the same time, so as to strengthen Hong Kong's key role as an international financial centre," Chan said.

Hong Kong is also establishing a bill that outlines a detailed framework for stablecoin issuers and marketers.

Under the proposed framework, stablecoin issuers and marketers must secure licenses from the Hong Kong Monetary Authority (HKMA). The rule applies to all stablecoins, including those pegged to the Hong Kong dollar, while issuers are required to maintain reserve assets in local banks. Foreign custody might also be allowed by HKMA under specific conditions.