🌎 Hong Kong Issues Crypto Licenses to Panthertrade and YAX

Hong Kong’s financial regulators have taken a significant step forward in establishing the region as a crypto hub by issuing virtual asset licenses to two local crypto exchanges, Panthertrade and YAX.

Updated List of Licensed Virtual Asset Trading Platforms

The Hong Kong Securities and Futures Commission (SFC) has updated its list of virtual asset trading platforms that have received an operating license. As of January 27, Panthertrade Hong Kong Limited and YAX Hong Kong Limited have joined the list of licensed platforms. The SFC has emphasized that the publication of this list does not guarantee the performance or credibility of any virtual asset trading platform licensed by the SFC.

Currently, there are a total of nine virtual asset trading platforms that have received licenses to operate in Hong Kong from the SFC. These include OSL, HashKey, Hong Kong Virtual Asset Exchange, Hong Kong Digital Asset EX, Accumulus GBA Technology, DFX Labs, and Thousand Whales Technology or BVI.

License Applicants Awaiting Review

There are six more applicants awaiting review and possible approval for an SFC license. Some of the crypto trading platforms that have applied for a license include Hong Kong BGE, Whalefin Markets, Flying Hippo Technologies, and HighBlock.

Background of Licensed Exchanges

Although Panthertrade has an office in Hong Kong, it is actually part of a Chinese Internet company called Cheetah. YAX Hong Kong, on the other hand, is a subsidiary firm under Tiger Brokers Hong Kong Global Limited, an internet broker company.

Regulatory Developments in Hong Kong

Executive Director of the Intermediary Department of the Hong Kong Securities and Futures Commission, Ye Zhiheng, had previously hinted that the commission would issue new virtual asset licenses in the first quarter of 2025. Hong Kong regulators have been providing updates on the virtual licenses issuing process, aiming to issue a new batch of licenses to expand on the region’s budding crypto hub.

However, Hong Kong’s regulatory hurdles have held them back from advancing at a faster rate, falling behind Singapore, which issued twice the number of crypto licenses last year compared to 2023.