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    Hong Kong SFC Approves Four More Virtual Asset Trading Platforms Pending Security Checks

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    The Hong Kong Securities and Futures Commission (SFC) has approved four additional virtual asset trading platforms (VATPs). Accumulus GBA Technology, DFX Labs, Hong Kong Digital Asset EX, and Thousand Whales Technology join previously licensed platforms. Before they can fully operate, they must pass a vulnerability check and penetration test. Eleven more VATPs are awaiting approval, with seven considered “deemed to be licensed,” indicating compliance with anti-money laundering and counter-terrorism financing rules. Four cryptocurrencies are legal for retail trading in Hong Kong: Bitcoin, Ether, Avalanche, and Chainlink.

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    The Securities and Futures Commission (SFC) in Hong Kong has given the green light to four more virtual asset trading platforms (VATPs). This includes Accumulus GBA Technology, DFX Labs, Hong Kong Digital Asset EX, and Thousand Whales Technology. They’re joining the club with HashKey, OSL, and HKVAX, who already got their licenses.

    The SFC’s process for approving these platforms is pretty thorough. They check out each platform in person, with a focus on how they protect their client’s assets, their customer identification processes, and their digital security measures. Eric Yip, a bigwig at the SFC, said they’ve been actively working with these platforms to hold them to the SFC’s standards and speed up the licensing process.

    According to Yip, the goal of the SFC is to keep investors safe while also making sure the virtual asset industry can develop and grow.

    These freshly approved exchanges aren’t totally off the leash yet though. Before they can fully operate, they have to successfully pass a vulnerability check and penetration test through an independent third party. The SFC will be watching over this process to make sure everything’s above board.

    Some other interesting news: there are still 11 VATPs waiting for approval. Seven of these are considered “deemed to be licensed”, meaning they’re following Hong Kong’s anti-money laundering and counter-terrorism financing rules. Although this doesn’t mean they’re fully licensed yet, it’s a good start.

    The CEO of the SFC, Julia Leung, said back in October that they’re planning to approve more licenses piecemeal as part of a roadmap running up to 2026. The roadmap aims to tighten regulation, encourage the tokenization of real-world assets and look into blockchain technology.

    Finally, if you’re in Hong Kong and are looking to buy cryptocurrencies, you’ve got four options: Bitcoin, Ether, Avalanche, and Chainlink. These became legal for retail trading back in August 2023.

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