Hong Kong regulator issues first crypto license addition since June, approving Victory Fintech
Hong Kong’s Securities and Futures Commission (SFC) has added a new name to its roster of licensed crypto firms, granting a license to Victory Fintech (VDX) — an affiliate of listed financial services company Victory Securities (stock code: 8540). The SFC’s registry shows VDX received permission on Friday to operate a digital asset trading platform, marking the first new approval since June 17 of last year.
The approval comes under Hong Kong’s regulatory framework for crypto service providers, introduced in 2023. HashKey Exchange and OSL Digital Securities were the first entities to clear the regime, which has since grown to include 12 licensed platforms. Among those is NYSE-listed Bullish (BLSH), the parent company of CoinDesk.
Hong Kong’s licensing regime has been widely regarded as one of the most stringent among major financial centers. That strictness has prompted some high-profile applicants to pull back: leading exchanges OKX and Bybit both withdrew their licensing bids in May 2024.
Victory Fintech’s addition signals continued, selective adoption of licensed crypto operators in Hong Kong despite the regime’s tough standards.
Read more AI-generated news on: undefined/news
