Crypto Exchange Bybit Applies for VATP License in Hong Kong
- The SFC has issued licenses to only two cryptocurrency exchanges in Hong Kong so far.
- Businesses may cater to both retail and professional investors with the VATP license.
The Hong Kong Securities and Exchange Commission (SFC) has received an application from the Bybit crypto exchange seeking a Virtual Asset Trading Operator (VATP) license.
The SFC website states that the exchange, operating under the name Spark Fintech Limited, submitted the licensing application on January 31. Included in the fourteen VATP applications now under evaluation by the regulatory authority are filings from the OKX cryptocurrency exchange.
Pro-Crypto Regulatory Stance
The SFC has issued licenses to only two cryptocurrency exchanges in Hong Kong: HashKey Exchange (licensed on November 9, 2022) and OSL Exchange (licensed on December 15, 2020).
Businesses situated in Hong Kong may cater to both retail and professional investors with the VATP license, but only with the VASP license can they cater to retail clients. To be considered a professional investor in Hong Kong, one must own a portfolio valued at least eight million Hong Kong dollars, or $1.03 million.
Hong Kongs pro-crypto regulatory stance, in contrast to mainland Chinas crackdown on digital assets, helped propel the city-state to the forefront of the crypto industry in 2023. Moreover, the same year, the SFC enacted new crypto-focused laws, opening the crypto industry to institutional and individual investors alike.
The SFC and the Hong Kong Monetary Authority (HKMA), which is the de facto central bank of Hong Kong, both announced their readiness to accept crypto exchange-traded fund (ETF) applications on December 22. In Hong Kong, several firms have already offered cryptocurrency exchange-traded funds (ETFs) based on futures.
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Read more: https://thenewscrypto.com/crypto-exchange-bybit-applies-for-vatp-license-in-hong-kong/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
