4 MORE VIRTUAL ASSET TRADING PLATFORMS LICENSED IN HONG KONG

Last updated: June 20, 2025, 01:40 | Written by: Katie Haun

Hong Kong is solidifying its position as a leading global crypto hub with the recent approval of licenses for four additional virtual asset trading platforms (VATPs). Under the Securities and Futures Ordinance (Cap. 571) (SFO) and the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615) (AMLO), centralised virtual asset trading platforms carrying on their businesses in Hong Kong, or actively marketing their services to Hong Kong investors, are required to be licensed and regulated by the SFC.This move, spearheaded by the Hong Kong Securities and Futures Commission (SFC), more than doubles the number of officially sanctioned platforms in the region, bringing the total to seven and signaling a significant expansion of the regulatory framework governing the digital asset market. The SFC launched its virtual asset trading platforms (VATPs) licensing regime in June 2025 to provide a secure and regulated environment for retail crypto investors. Hong Kong s VATP licensing framework requires applicants to meet rigorous compliance standards, including risk management protocols, operational transparency, and user protectionThis development not only enhances investor protection but also underscores Hong Kong's commitment to fostering a vibrant and sustainable crypto ecosystem. Since our announcement of the Policy Statement on the Development of Virtual Assets in Hong Kong in October 2025, the virtual asset (VA) market has been developing rapidly. While product offerings have kept evolving, we also saw volatile price fluctuations in certain cryptocurrencies.The licensing regime, which officially launched in June 2025, represents a crucial step in legitimizing the cryptocurrency industry and providing a secure and regulated environment for both retail and institutional investors.

The newly licensed virtual asset service providers (VASPs), Accumulus GBA Technology (Hongkong), DFX Labs, Hong Kong Digital Asset EX, and Thousand Whales Technology, have successfully navigated the SFC’s rigorous application process, demonstrating their adherence to stringent compliance standards. The SFC of Hong Kong now permits licensed virtual asset trading platforms to offer staking services under strict regulations. BTC $105,350.54 0.96% ETH $2,617.67 5.22%These standards encompass various aspects, including risk management protocols, operational transparency, and robust anti-money laundering (AML) measures. Hong Kong s growing crypto ecosystem is exploring 7 platforms and 4 more licensed players that are shaking up the market. Since the SFC introduced guidelines for virtual asset trading platforms, several companies have obtained licenses to operate in Hong Kong.With these additions, Hong Kong's crypto landscape is poised for further growth and innovation, attracting both local and international players seeking to participate in the burgeoning digital asset market.

Hong Kong's Virtual Asset Licensing Regime: A Deep Dive

Hong Kong's journey toward regulating virtual assets began with the introduction of the licensing regime for VATPs in June 2025. This list sets out the names of virtual asset trading platform operator applicants (VATP applicants) whose licence applications have yet to be approved by the SFC [Note 1] and includes those which are deemed-to-be-licensed VATP applicants as of .This regime, governed by the Securities and Futures Ordinance (SFO) and the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO), mandates that centralized virtual asset trading platforms operating in Hong Kong, or actively marketing their services to Hong Kong investors, must obtain a license from the SFC.

What Activities Require a VATP License in Hong Kong?

The licensing requirement applies to a wide range of activities related to virtual asset trading, including:

Operating a platform for trading virtual assets.
Providing automated trading services for virtual assets.
Actively marketing virtual asset trading services to Hong Kong investors.

This comprehensive approach ensures that all key aspects of virtual asset trading are subject to regulatory oversight, promoting investor protection and market integrity.

The SFC's Role in Regulating Virtual Assets

The SFC plays a pivotal role in overseeing the virtual asset market in Hong Kong.Its responsibilities include:

Granting licenses to eligible VATPs.
Monitoring the operations of licensed VATPs to ensure compliance with regulatory requirements.
Enforcing regulations and taking action against non-compliant platforms.
Providing guidance and clarification to the industry on regulatory matters.

The SFC's proactive approach to regulation has been instrumental in shaping Hong Kong's crypto landscape and fostering a secure and transparent environment for digital asset trading.

The Newly Licensed Platforms: A Closer Look

The addition of four new licensed VATPs to Hong Kong's regulatory framework represents a significant milestone. The licensing regime for centralized virtual asset (VA) trading platforms for trading in non-security tokens came into effect on upon the commencement of Part 5B, namely, Regulation of Activities Involving Virtual Assets, in the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615) (AMLO) on the same date. Pursuant to Part 5B of [ ]Let's examine each of these platforms in more detail:

Accumulus GBA Technology (Hongkong): This platform focuses on leveraging blockchain technology to provide innovative financial solutions within the Greater Bay Area (GBA). virtual asset trading platform for trading of virtual assets on its platform and carry on (1) off-platform virtual asset trading business and incidental services provided by it to its clients; and (2) activities conducted in relation to such off-platform business. The term virtual asset is as defined in the Guidelines for Virtual AssetTheir licensing highlights a focus on compliant, secure trading and related services.
DFX Labs: DFX Labs likely contributes to the Hong Kong market by offering trading and potentially staking services in adherence to the SFC's guidelines. Hong Kong's Securities and Futures Commission has approved four new virtual asset providers, expanding its regulatory framework and enhancing investor protection in the growing digital asset market.Further details depend on their specific service offerings.
Hong Kong Digital Asset EX: This platform's licensing signifies another established player offering digital asset trading services within the regulatory framework.
Thousand Whales Technology (BVI): Licensed in Hong Kong while registered in the British Virgin Islands, this firm exemplifies the interconnectedness of digital assets and the necessity of global regulatory standards. Accumulus GBA Technology (Hong Kong), DFX Labs, Hong Kong Digital Asset EX, and Thousand Whales Technology (BVI) have obtained virtual asset trading platform (VATP) licences as of ThursdayThey likely contribute to cross-border trading solutions.

Each of these platforms contributes to the diversity and dynamism of Hong Kong's crypto ecosystem.They are now formally licensed by the SFC, and further information on each operator can be found by clicking on the CE Reference link or visiting the SFC Public Register.

Key Requirements for Virtual Asset Trading Platform Licensing

Obtaining a license to operate a VATP in Hong Kong is a rigorous process that demands a strong commitment to compliance.The SFC's licensing framework requires applicants to meet stringent standards across various areas, including:

Risk Management: VATPs must implement robust risk management protocols to mitigate potential risks, such as market manipulation, cybersecurity threats, and operational failures.This includes having effective systems and controls in place to identify, assess, and manage these risks.
Operational Transparency: Transparency is a key principle of the SFC's regulatory approach.VATPs must maintain clear and transparent operational practices, providing investors with access to relevant information about their activities and the risks involved.This includes disclosing information about trading fees, custody arrangements, and conflict-of-interest policies.
User Protection: Protecting investors is a top priority for the SFC.VATPs must implement measures to safeguard user assets, ensure fair trading practices, and provide adequate customer support. In June 2025, it officially launched a crypto licensing regime for virtual asset trading platforms, allowing licensed exchanges to offer retail trading services. However, with the goal of becoming a crypto hub, the regulator is now seeking to accelerate crypto development, especially amid intensifying competition due to the pro-cryptoThis includes segregating user funds from the platform's own assets, preventing insider trading, and handling customer complaints effectively.
Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF): VATPs must comply with AML and CTF regulations to prevent the use of their platforms for illicit activities. A key regulatory change occurred in June 2025 when the SFC introduced a licensing regime for Virtual Asset Trading Platforms (VATPs). This licensing system requires crypto exchanges, brokers, and custodians serving Hong Kong-based customers to meet compliance standards covering aspects such as anti-money laundering (AML) transaction monitoringThis includes implementing Know Your Customer (KYC) procedures, monitoring transactions for suspicious activity, and reporting suspicious transactions to the relevant authorities.
Cybersecurity: Given the increasing threat of cyberattacks, VATPs must implement robust cybersecurity measures to protect their systems and user data. The Hong Kong Securities and Futures Commission (SFC) has more than doubled the number of approved virtual asset trading platforms (VATPs) with the addition of four firms.A rigorous licensing processAccumulus GBA Technology (Hongkong), DFX Labs, Hong Kong Digital Asset EX and Thousand Whales TechnoThis includes having security protocols in place, performing regular security audits, and training employees on cybersecurity best practices.

These requirements demonstrate the SFC's commitment to creating a safe and reliable environment for virtual asset trading in Hong Kong.

Staking Services and Virtual Assets in Hong Kong

In April 2025, the Hong Kong SFC officially authorized licensed virtual asset trading platforms to offer staking services. trading platforms carrying on business in Hong Kong or actively marketing to Hong Kong investors will need to be licensed by the SFC. The SFC s proposed regulatory requirements for virtual asset trading platforms are based on the regulatory requirements of the existing regime under the Securities and Futures Ordinance and are comparableThis forward-thinking initiative reinforced the city’s goal to establish itself as a prominent hub for digital assets in the Asia-Pacific region.Staking allows users to earn rewards by participating in the validation of blockchain transactions, providing an alternative to traditional financial products.

What is Staking and How Does it Work?

Staking involves holding a specific cryptocurrency within a digital wallet to support the operations of a blockchain network. Hong Kong is rapidly emerging as a global crypto hub, with its Virtual Asset Trading Platform (VATP) licensing regime taking centre stage. As of May 2025, the Securities and Futures Commission (SFC) has granted licenses to ten VATPs, marking a significant milestone in the city s journey to regulate and legitimise the cryptocurrency industry.By staking their tokens, users contribute to the network's security and consensus mechanism, and in return, they receive rewards in the form of additional tokens.

For example, imagine you hold a certain amount of ""CoinX"" and decide to stake it.Your CoinX is locked up in the network, helping to validate transactions.In return for your contribution, you receive more CoinX as a reward, similar to earning interest on a savings account.

The SFC's Regulatory Approach to Staking

The SFC's approval of staking services is subject to strict regulations designed to protect investors. The Hong Kong Securities and Futures Commission (SFC) has more than doubled the number of approved virtual asset trading platforms (VATPs) with the addition of four firms. Accumulus GBAThese regulations may include:

Requiring VATPs to provide clear and transparent information about the risks and rewards of staking.
Ensuring that VATPs have adequate custody arrangements to safeguard staked assets.
Monitoring staking activities to prevent market manipulation and other illicit activities.

By carefully regulating staking services, the SFC aims to strike a balance between fostering innovation and protecting investors.

The Future of Virtual Asset Trading in Hong Kong

The recent licensing of four additional VATPs marks a significant step forward in the development of Hong Kong's virtual asset market.As the regulatory framework continues to evolve and mature, Hong Kong is well-positioned to become a leading global crypto hub.

Potential Future Developments

Looking ahead, several potential developments could further shape Hong Kong's crypto landscape:

Further expansion of the licensing regime: The SFC may continue to refine its licensing framework and expand its scope to cover additional types of virtual asset activities.
Increased institutional adoption: As regulatory clarity improves, institutional investors are likely to become more active in the Hong Kong crypto market.
Innovation in virtual asset products and services: The growth of the virtual asset market is likely to drive innovation in virtual asset products and services, such as decentralized finance (DeFi) applications and non-fungible tokens (NFTs).
Greater international collaboration: Hong Kong may collaborate with other jurisdictions to develop global standards for virtual asset regulation.

These developments would further strengthen Hong Kong's position as a global crypto hub and attract more investment and talent to the region.

Challenges and Opportunities

While Hong Kong has made significant progress in regulating virtual assets, some challenges remain. List of licensed virtual asset trading platforms. This list sets out the names of virtual asset trading platform operators which are formally licensed by the SFC. For further information on the platform operator, please click on the CE Reference link or visit the SFC Public Register.These include:

Keeping pace with the rapid pace of technological innovation in the crypto space.
Addressing the risks associated with new and emerging virtual asset products and services.
Balancing the need for regulation with the desire to foster innovation and economic growth.

However, these challenges also present opportunities for Hong Kong to demonstrate its leadership in the virtual asset space and develop innovative solutions that promote both investor protection and market development.

Important Considerations Before Engaging with Virtual Asset Trading Platforms

Even with the increased regulation and licensing, it's vital to understand the inherent risks associated with virtual asset trading before participating.

Licensing is Not a Guarantee: Licenses from the SFC do not guarantee the financial performance or creditworthiness of a platform. Hong Kong Crypto Exchange OperatorsVirtual Asset Trading Platform Operators Hong KongImportant Considerations: Licensing: Under Hong Kong's new regulatory framework, virtual asset trading platforms must obtain a license from the SFC. Deeming Arrangements: Certain pre-existing platforms may have been granted a temporary license under deeming arrangements. Compliance: LicensedDo your research and understand the risks involved.
Market Volatility: Virtual asset prices are highly volatile and can fluctuate significantly.Be prepared for potential losses.
Security Risks: Despite security measures, virtual asset platforms are still vulnerable to hacks and cyberattacks. On J, Hong Kong s long-awaited licensing regime for virtual asset trading platforms ( VATPs ) went live, with the Hong Kong Securities and Futures Commission ( SFC ) marking the occasion by issuing a flurry of regulatory guidance for operators of VATPs ( Platform Operators ) in the form of guidelines, FAQs and handbooks.Protect your account and practice good security hygiene.
Due Diligence: Always conduct thorough due diligence before using any virtual asset trading platform. We aim to strike a balance between safeguarding the interests of investors and facilitating continuous development for the virtual asset ecosystem in Hong Kong. In the light of the effectiveness of directly engaging with the senior management and ultimate controllers of VATPs, the SFC will extend this approach when the VATPs engage anCheck their licensing status, read reviews, and understand their policies.

What Questions Should You Ask Before Choosing a VATP?

Before choosing a virtual asset trading platform, ask these crucial questions:

Is the platform licensed by the SFC?Verify their licensing status on the SFC's website.
What security measures are in place to protect my assets? The Hong Kong SFC Has Approved Four New virtual asset trading platforms (VATPs) Providers. This increased the regulatory coverage of virtual assets in the region as much as possible. The approval brings the number of licensed operators in Hong Kong to seven.Understand their security protocols and insurance coverage.
What are the fees and charges?Be aware of all fees, including trading fees, withdrawal fees, and custody fees.
What customer support is available?Ensure they offer reliable customer support channels.
What are the platform's policies on AML and KYC? The SFC is one of the first and few regulatory authorities in a major jurisdiction to introduce a comprehensive regime regulating a wide range of virtual asset-related activities. The SFC s regulatory regime seeks to capture all the dimensions of the public s interface with virtual assets, providing for investor protection and marketUnderstand their AML and KYC procedures to ensure compliance.

Conclusion: Hong Kong's Commitment to a Regulated Crypto Future

The approval of licenses for four more virtual asset trading platforms in Hong Kong signifies a major leap forward in the city's ambition to become a global crypto leader.This move, orchestrated by the SFC, underscores Hong Kong's dedication to establishing a secure, transparent, and well-regulated virtual asset market. A list of licensed virtual asset trading platforms is available at the SFC website for the public to check the regulatory status of specific VASPs that operate in Hong Kong or actively market their services to Hong Kong investing public. It is important to note that the licenses from SFC do not guarantee the performance or creditworthiness ofThe stringent licensing requirements, encompassing risk management, operational transparency, and user protection, reflect a commitment to safeguarding investors and fostering a sustainable crypto ecosystem.With a growing number of licensed platforms offering innovative products and services, Hong Kong is attracting both local and international players, solidifying its position as a key hub for digital assets in the region. Hong Kong SFC Finalises Regulation of Virtual Asset Trading Platforms. Hong Kong s Securities and Futures Commission (the SFC) has finalised the detailed regulatory requirements for virtual asset (VA) trading platform operators licensed by the SFC with the publication on of its Consultation Conclusions 1 to its Consultation Paper on the Proposed Regulatory Requirements forWhile challenges remain, the SFC's proactive approach and collaborative efforts with the industry position Hong Kong to navigate the evolving crypto landscape and unlock its full potential.

Key takeaways from this development include:

Hong Kong has licensed four new virtual asset trading platforms, bringing the total to seven.
The SFC's licensing regime aims to provide a secure and regulated environment for virtual asset trading.
Licensed platforms must meet stringent compliance standards, including risk management, operational transparency, and user protection.
Hong Kong is actively promoting innovation in the virtual asset space, including staking services.
Investors should conduct thorough due diligence before engaging with any virtual asset trading platform.

As Hong Kong continues to refine its regulatory framework and embrace new technologies, it is poised to lead the way in shaping the future of virtual assets globally.Explore the licensed platforms and consider engaging with the regulated virtual asset space in Hong Kong today! In April 2025, Hong Kong s SFC officially authorized licensed virtual asset trading platforms to offer staking services. This move was aimed to reinforce the city s status as a leading hub for digital assets in the Asia-Pacific region.Always remember to do your own research and assess your risk tolerance before investing in virtual assets.