According to a Reuters report, newly licensed platforms—Accumulus GBA Technology (Hongkong) Co., DFX Labs Company, Hong Kong Digital Asset EX, and Thousand Whales Technology (BVI)—bring the total number of approved virtual asset trading platforms in the city to seven.
This move speaks to what appears to be Hong Kong’s strategy to enhance its appeal as a financial hub by embracing digital assets. The city’s Securities and Futures Commission (SFC) has adopted a “swift licensing process” to expedite the approval of trading platforms, signaling its commitment to fostering a competitive regulatory environment.
Industry experts view the approvals as part of a larger global race to attract cryptocurrency firms. “Hong Kong’s focus on licensing highlights its long-term vision for digital assets,” said Nick Ruck, director at LVRG Research. He added that cities like Singapore and Dubai are also vying for prominence as crypto hubs, intensifying international competition.
Earlier this year, Hong Kong introduced Asia’s first spot Bitcoin and ether exchange-traded funds (ETFs), following the US launch of its first spot bitcoin ETFs. Analysts suggest that the growing number of trading platforms could lower ETF management fees, potentially making these products more accessible to investors.
Bitcoin’s recent surge—rising over 50% since the US presidential election on November 5—has further fueled interest in the sector. The cryptocurrency reached a record high of more than US$107,000 this week, highlighting the continued momentum behind digital assets amid evolving regulatory landscapes worldwide.
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