After withdrawing its initial application for a Virtual Asset Trading Platform (VATP) license in Hong Kong, Justin Sun-related crypto exchange HTX has resubmitted its application, as indicated by a notice on the Securities and Futures Commission (SFC) website. The initial application, filed through its Hong Kong subsidiary Huobi HK, was pulled back on Feb. 23 without explanation, but the exchange has now restarted the application process as of Feb. 26.
Hong Kong’s SFC has been actively warning unregistered crypto platforms to either register by Feb. 29 or face closure by May 31. This warning was highlighted on the financial watchdog’s website with a pop-up message for users accessing the section listing registered platforms in the city-state. The message clearly stated the consequences for platforms that fail to comply with the deadline.
Applications and Licensing
As of Feb. 27, the SFC has received seven new applications for the Virtual Asset Trading Platform license, including submissions from major players like HTX, Bullish, and Crypto.com. This raises the total number of exchange applicants to 19, with only OSL and Hashkey currently holding licenses in Hong Kong. The regulator’s focus on license registration demonstrates its dedication to creating a crypto-friendly environment in the region.
The licensing framework introduced by Hong Kong last year for Virtual Asset Trading Platforms aims to enhance retail trading services in the region. HTX’s decision to reapply for the VATP license reflects its commitment to operating within the regulatory framework and complying with the guidelines set by the SFC. As the deadline for registration approaches, other platforms are expected to follow suit and submit their applications to continue their operations legally in Hong Kong.
HTX’s resubmission of its application for a Virtual Asset Trading Platform license in Hong Kong signifies its determination to navigate the regulatory landscape and establish itself as a reputable player in the crypto market. The increased focus on licensing by the SFC emphasizes the importance of adhering to regulatory requirements in order to maintain a functioning and compliant crypto ecosystem in Hong Kong. As the industry continues to evolve, it is essential for exchanges and platforms to prioritize regulatory compliance and work towards creating a sustainable and secure environment for investors and traders alike.