The Hong Kong Securities and Futures Commission has issued virtual asset licenses to local crypto exchanges Panthertrade and YAX.
Hong Kong financial authorities have updated their list of virtual asset trading platforms that have received an operating license from the SFC. Two Hong Kong-based crypto trading platforms, Panthertrade Hong Kong Limited and YAX Hong Kong Limited, have just received operating licenses on Jan. 27.
“The publication of this list by the SFC does not constitute a guarantee for the performance or credibility of any virtual asset trading platform licensed by the SFC,” said the financial regulatory agency in a translated statement.
So far, there are a total of nine virtual asset trading platforms which have received licenses to operate in Hong Kong from the SFC. These consist of OSL, HashKey, Hong Kong Virtual Asset Exchange, Hong Kong Digital Asset EX, Accumulus GBA Technology, DFX Labs, and Thousand Whales Technology or BVI.
On the other hand, there are six more applicants still awaiting review and possible approval for an SFC license. Some of the crypto trading platforms who have applied for a license include Hong Kong BGE, Whalefin Markets, Flying Hippo Technologies, and HighBlock among others.
Although Panthertrade has an office in Hong Kong, it is actually part of a Chinese Internet company called Cheetah. While YAX Hong Kong is a subsidiary firm under Tiger Brokers Hong Kong Global Limited, an internet broker company.
As previously reported by crypto.news, Executive Director of the Intermediary Department of the Hong Kong Securities and Futures Commission, Ye Zhiheng had hinted that the commission would issue new virtual asset licenses in the first quarter of 2025.
He did not reveal an exact date, but he did say that “good news” would be delivered in a month or two.
Hong Kong regulators have been churning out updates on how the virtual licenses issuing process is going, aiming to issue a new batch of licenses to expand on the region’s budding crypto hub.
Unfortunately, Hong Kong’s regulatory hurdles have held them back from advancing at a faster rate; falling behind Singapore which have issued twice the number of crypto licenses last year compared to 2023.
In October, the Hong Kong SFC had aimed to approve a new batch of crypto licenses by the end of 2024. However, that target has been delayed even further to early 2025.
