Hong Kong Expands Crypto Market with New Exchange Licenses

Hong Kong's Securities and Futures Commission (SFC) has kicked off 2025 by approving two more crypto trading platforms, continuing its efforts to regulate and grow the virtual asset sector.

Since mid-2024, the regulator has granted a total of seven licenses as part of its structured approach to overseeing crypto exchanges.

On January 27, PantherTrade and YAX, two Hong Kong-based exchanges, received their official licenses, allowing them to operate under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO). This brings the number of officially registered crypto platforms in Hong Kong to 10 since 2020.

The SFC had previously outlined plans to license 11 crypto firms by the end of 2024. In December 2024, the regulator approved four new platforms: HKbitEX, Accumulus, DFX Labs, and EX.IO, following comprehensive on-site compliance reviews focused on investor protection, cybersecurity, and Know Your Customer (KYC) procedures.

According to SFC Executive Director Eric Yip, the agency is working closely with crypto exchange leadership to ensure adherence to high regulatory standards while fostering a healthy digital asset ecosystem. The goal is to strike a balance between investor protection and innovation.