Hong Kong has solidified its position as a leading global crypto hub with its robust Virtual Asset Trading Platform (VATP) licensing framework. As of June 2025, the Securities and Futures Commission (SFC) has granted 11 VATP licenses, marking a pivotal step in regulating and legitimizing cryptocurrency trading in the region. This guide provides the latest updates on licensed exchanges, applicants, and the regulatory landscape for virtual assets in Hong Kong.
Licensed Virtual Asset Trading Platforms in Hong Kong (June 2025)
As of 17 June 2025, these 11 platforms are authorized by the SFC:
1. OSL Digital Securities Limited (OSL Exchange)
- Backed by: OSL Group (863.HK)
- Services: Digital asset brokerage, custody, exchange, and SaaS for retail, professional, and institutional clients.
- Key Update: Reported its first profitable year in 2024 (HK$47M–HK$52M), reversing 2023 losses.
2. Hash Blockchain Limited (HashKey Exchange)
- Features: Retail and institutional trading with ISO 27001/27701 certifications.
- Partnership: Collaborated with VSG to launch Hong Kong’s first virtual asset multi-strategy fund accepting stablecoins.
3. Hong Kong Virtual Asset Exchange Limited (HKVAX)
- Specialization: Security Token Offerings (STOs) and Real-World Asset (RWA) tokenization.
- Recent MoU: Partnered with Victory Securities to explore tokenized asset distribution.
4. Hong Kong Digital Asset EX Limited (HKbitEX)
- Parent Company: Tykhe Capital Group.
- Expansion Plans: Pending SFC approval for OTC services and tokenized product trading.
5. Accumulus GBA Technology
- Focus: Web 3.0 technologies, including blockchain and decentralized systems.
👉 Explore licensed platforms for secure trading
Current VATP Applicants (Awaiting Approval)
| Company | Platform Name | Application Date |
|---|---|---|
| Victory Fintech | VDX | 24 Jan 2024 |
| NewBX Limited | Bixin.com | 6 Feb 2024 |
| Crypto.com | Foris DAX HK | 9 Feb 2024 |
| Bybit | Spark Fintech | 6 Jun 2025 |
Failed/Withdrawn Applications
- OKX, Gate.HK, VAEX: Withdrawn applications.
- Bitcoin World: Application returned by SFC.
Hong Kong’s VATP Licensing Framework
The SFC’s phased approach includes:
- On-site inspections and rectification plans.
- Conditional licenses with restricted operations.
- Penetration tests by third parties for security compliance.
- Final assessment for full operational approval.
👉 Learn about SFC’s licensing process
FAQs
1. What is a VATP license?
A license issued by Hong Kong’s SFC to crypto exchanges meeting stringent regulatory standards, ensuring AML compliance and investor protection.
2. How many licensed exchanges exist in Hong Kong?
11 as of June 2025, with several applicants under review.
3. Why use a licensed exchange?
- Regulatory oversight.
- Enhanced security and transparency.
- Insurance-backed custody solutions.
4. Difference between VATPs and VASPs?
- VATPs: Must obtain Type 1/7 licenses for security token trading.
- VASPs: Licensed under AMLO for non-security tokens (e.g., Bitcoin).
Last updated: 20 June 2025
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