Cryptocurrency exchange Bybit has applied to the Securities and Futures Commission (SFC) for a Virtual Asset Trading Platform (VATP) license in Hong Kong.
Bybit's license application, dated January 31, 2024, has been published on the SFC's official website.
The publication of the application on the SFC website confirms Bybit's commitment to expand its operations and services in Hong Kong under a regulated crypto market structure.
The SFC website currently lists applications from 14 companies, including Bybit and OKX, seeking a license to trade virtual assets in Hong Kong. In contrast to China's outright ban on mining and cryptocurrency trading, Hong Kong rolled out a policy last year to attract cryptocurrency companies. As of June 2023, Hong Kong will officially have a licensing regime for virtual asset trading platforms, which will allow licensed exchanges to offer retail trading services.
According to the SFC's list of applicants, Binance-linked HKVAEX applied for a VATP license on Jan. 4. The OKX exchange applied as early as Nov. 16, 2023.
Hong Kong's policy to become the global center of the crypto industry is paying off and attracting the attention of industry leaders. Hong Kong offers crypto market participants a regulated environment and secure operations.
"Obtaining a VATP license in Hong Kong is an important step for Bybit. The city's strategic location and developed financial infrastructure make it an ideal base for our operations in the Asia-Pacific region," the exchange said in a message.
Spark Fintech Limited, a trading platform acting on behalf of Bybit, is awaiting a license that will allow it to trade cryptocurrencies in Hong Kong. With this move, Bybit's exchange management demonstrates its commitment to complying with regulatory requirements for trading virtual assets and creating a robust ecosystem for its users. This makes it one of the key players shaping the future of regulated cryptocurrency trading in Hong Kong.
Read also: Coinbase strengthens its position by hiring former UK finance minister
