Hong Kong’s Securities and Futures Commission (SFC) has granted a virtual asset trading platform license to NewBX Limited, the entity behind the crypto exchange Bixin.
This approval brings the number of officially licensed platforms in the city to 13, as reported by Blockhead.
The license permits NewBX to conduct regulated activities under Type 1 for dealing in securities and Type 7 for providing automated trading services.
It also covers the operation of a virtual asset exchange under Hong Kong’s Anti-Money Laundering and Counter-Terrorist Financing Ordinance.
This fulfills the dual-licensing structure that all virtual asset platforms operating in the city must now satisfy.
NewBX is a Hong Kong-registered subsidiary of Bixin Group, a crypto conglomerate with Chinese roots that launched in 2014 as HaoBTC.
The company later rebranded as Bixin and expanded its business to cover crypto mining hardware, custody services, venture capital, and retail exchange operations.
The company filed its VATP application with the SFC in January 2024.
NewBX has been operating under a transitional deemed licensed status since June of that year while the regulator assessed its application.
Growing list of approved platforms
NewBX joins a roster of licensed operators that includes OSL Digital Securities, HashKey Exchange, Bullish, Victory Fintech, PantherTrade, and YAX. Six additional applicants remain under review by the SFC.
The steady accumulation of licensed platforms aligns with Hong Kong’s strategy to establish itself as a regulated crypto hub for Asia.
The city introduced its mandatory VATP licensing regime in 2023, requiring any platform serving retail investors in Hong Kong to hold an SFC license.
Hong Kong developed this regulatory framework in response to the exchange failures of 2022 to give the city a credibility advantage over less regulated jurisdictions.
Some applicants have been in the review process for over a year, showing that the SFC takes a measured approach to assessing operators before granting approval.
Featured image credit: Edited by Fintech News Hong Kong, based on image by Dikarte via Magnific
