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Four Companies Seeking Licenses in Hong Kong: HKVAX, HKBitEx, Hong Kong BGE, and Victory

WikiBit 2023-09-26 10:51

Abstract:Four Companies Seeking Licenses in Hong Kong: HKVAX, HKBitEx, Hong Kong BGE, and Victory

The Hong Kong Securities and Futures Commission (SFC) has recently announced four institutions that are currently in the process of applying for licenses as Virtual Asset Trading Platforms (VATPs). These institutions are HKVAX, HKBitEx, Hong Kong BGE, and Victory. Presently, two platforms, OSL Exchange and HashKey Exchange, have received licenses from the SFC to operate.

Julia Leung, the CEO of the Hong Kong SFC, has cautioned investors about the difficulty of detecting scams in advance. She emphasized the importance of being vigilant, particularly regarding platforms that promise high returns on virtual asset deposits, to prevent falling into high-yield traps.

In a prior announcement, the Hong Kong SFC had stated that it would publish a list of four virtual asset platforms online, including a list of new applicants. Elizabeth WONG, the head of the Fintech Group, explained that this list is intended to inform investors about whether trading platforms have made any false representations during the license application process. She also emphasized that all the platforms on the list are currently in the application phase and have not yet been granted licenses. Investors looking to engage in trading should refer to the SFC's list of licensed trading platforms. Julia Leung further noted that there are initially four institutions on the list of applicants.

CEO Julia Leung clarified that being on the list of applicants does not imply that the trading platforms meet all the regulatory requirements of the framework.

Additionally, OKX's Chinese platform has issued a statement on media platforms welcoming the Hong Kong Securities and Futures Commission (SFC) for taking steps to enhance the transparency of the licensing review process for virtual asset trading platforms. OKX also expressed its commitment to maintaining a cautious approach with respect to regulation and licensing.

From March to the present, OKX HK has been actively preparing its license application in accordance with relevant regulations and guidelines. The platform currently plans to formally submit its application by the end of October.

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