Hong Kong is rapidly emerging as a global crypto hub, with its Virtual Asset Trading Platform (VATP) licensing regime taking centre stage. As of January 2026, the Securities and Futures Commission (SFC) has granted licenses to 11 VATPs, marking a significant milestone in the city’s journey to regulate and legitimise the cryptocurrency industry.

This development is crucial for virtual asset investors, as it provides a regulated and secure environment for trading, enhancing investor protection and market integrity. The current state of VATP licensing in Hong Kong reflects a careful balance between fostering innovation and ensuring regulatory compliance.

The SFC’s approach combines stringent oversight with a commitment to nurturing the growth of the virtual asset ecosystem. For investors, this means access to platforms that meet high security, transparency, and operational excellence standards.

Let’s uncover the latest list of licensed crypto exchanges in Hong Kong, including applicants and the application process.

Last updated: 7 January 2026

List of Licensed Virtual Asset Trading Platforms in Hong Kong

As of January 2026, 11 companies are authorised to operate virtual asset trading platforms here.

OSL Digital Securities Limited (OSL Exchange) is backed by OSL Group (863.HK) and offers digital asset brokerage, custody, exchange and SaaS services, catering to retail, professional and institutional clients. Notably, the company achieved a positive profit alert for FYE 2024, its first since it transitioned to digital assets back in 2018.

The Group expects profit to range between HK$47million to HK$52 million, signalling a turnaround from losses incurred in 2023. 

Hash Blockchain Limited (HashKey Exchange)  provides overall virtual asset trading services to retail customers and professional investors alike, running on a platform which has obtained ISO 27001 (Information Security) and ISO 27701 (Data Privacy) management system certifications.

Just last December, HashKey Exchange entered a partnership with Virtual Seed Global Asset Management Limited (VSG) to drive Hong Kong’s first virtual asset multi-strategy fund which accepts stablecoin deposits. 

Hong Kong Virtual Asset Exchange Limited (HKVAX) offers a range of services, including over-the-counter (OTC) trading, a 24/7 trading platform for institutional and professional investors, and comprehensive custody solutions with insurance coverage.

HKVAX specialises in Security Token Offerings (STOs) and Real-World Asset (RWA) tokenization, aiming to bridge the gap between traditional and digital finance.

HKVAX recently announced a MoU with Victory Securities (8540.HK), to explore virtual asset brokerage and distribution opportunities, ultimately with the purpose of providing investors with access to high-quality, efficiently managed tokenization assets.

Hong Kong Digital Asset EX Limited (HKbitEX), an affiliate of Tykhe Capital Group Limited, intends to expand into automated trading and OTC services for virtual assets like Bitcoin and Ethereum, as well as automated trading for tokenised products, pending further SFC approvals.

Its platform currently claims to provide a robust framework for the virtual asset marketplace while ensuring effective and efficient compliance processes for its users.

Accumulus GBA Technology (Hongkong) Co., Limited (Accumulus) is a branch of Yunzhanghu Technology (China) Co., Ltd. Yunzhanghu Technology is enabling Accumulus to expand into Web 3.0 technologies, including blockchain and decentralised online systems. 

DFX Labs Company Limited (DFX Labs) focuses on enhancing liquidity, wallet services and secure storage of virtual assets. Its vision is to become a globally recognised platform that supports the adoption and integration of virtual assets into mainstream financial systems, bridging the gap between traditional finance and the emerging digital asset market. 

Thousand Whales Technology (BVI) Limited (EX.IO) operates the EX.IO platform, a virtual asset trading service focused on cryptocurrency trading. The platform provides tools for trading digital assets and aims to ensure liquidity and security for its users. EX.IO caters to both individual and institutional participants in the digital asset market.

Panthertrade (Hong Kong) Limited (PantherTrade), a subsidiary of Futu Holdings, operates under the brand name PantherTrade. The company offers an online platform for buying, selling, transferring, and storing cryptocurrencies, currently for Bitcoin and Ethereum, aiming to cater to both advanced traders and crypto beginners.

YAX (Hong Kong) Limited, a wholly-owned subsidiary of Tiger Brokers, recently obtained a Virtual Asset Trading Platform (VATP) license from the Hong Kong Securities and Futures Commission (SFC), granting it the authority to operate as a virtual asset trading platform and extend its services to include retail business.

YAX aims to provide comprehensive virtual asset services, including cryptocurrency custody and trading.

Bullish was the first company to secure a spot in Hong Kong’s VATP list this year. Part of Bullish Group, the company aims to offer digital asset exchange services and solutions in a secure, regulated environment.

Hong Kong BGE Limited (BGE) is a subsidiary of HKE Holdings, a publicly listed company on the Hong Kong Stock Exchange. As of now, the platform is in a limited access phase and is available only to selected users, according to its official website.

List of Virtual Asset Trading Platform Applicants

Source: SFC Hong Kong

List of VATP Applicants with License Applications Returned, Refused or Withdrawn

Source: SFC Hong Kong

Hong Kong’s Crypto Exchange Licensing Framework

Hong Kong’s Securities and Futures Commission (SFC) has implemented a comprehensive licensing framework for Virtual Asset Trading Platforms (VATPs). This framework, introduced in June 2024, aims to ensure robust regulatory compliance and operational security for crypto exchanges operating in the territory.

The licensing process consists of multiple phases, beginning with on-site inspections of deemed-to-be-licensed VATP applicants. Following these inspections, the SFC provides feedback and requires applicants to submit rectification plans.

Conditional licenses were then granted, allowing VATPs to operate on a restricted scope of business while completing required improvements.

A crucial step in the licensing process is the completion of penetration tests and vulnerability assessments by independent third parties. These assessments focus on identifying and addressing potential security risks in the VATP’s IT environment, including custody systems, network devices, and user applications.

VATPs must satisfactorily complete these tests before they can operate, even on a restricted basis. The final phase involves a revamped Second-phase Assessment, conducted under a tripartite agreement between the SFC, the VATP, and an External Assessor.

This assessment evaluates whether the VATP’s policies, procedures, systems, and controls are suitably designed and implemented to comply with regulatory guidelines. Upon successful completion of this assessment, the SFC may lift restrictions on the VATP’s scope of business, allowing for full operational capacity.

More recently, the SFC extended its swift licensing process for new VATP applicants, with the SFC directly supervising the process.

FAQs

What is a VATP license in Hong Kong?

A VATP (Virtual Asset Trading Platform) license is issued by the Hong Kong Securities and Futures Commission (SFC) to cryptocurrency exchanges that meet strict regulatory requirements. This license allows exchanges to legally operate and serve Hong Kong investors, ensuring compliance with anti-money laundering and investor protection standards

How many licensed crypto exchanges are there in Hong Kong?

As of December 2025, there are 11 SFC-licensed virtual asset trading platforms in Hong Kong, including OSL Digital Securities Limited and HashKey Exchange. Several other exchanges have applied for licenses and are awaiting approval

What are the benefits of using a licensed crypto exchange in Hong Kong?

Using licensed crypto exchanges in Hong Kong offers several benefits, including enhanced investor protection, regulatory oversight, improved security measures, and greater transparency in operations. Licensed exchanges are required to maintain high standards of compliance and risk management, providing a safer trading environment for users.

What is the difference between Virtual Asset Trading Platforms (VATPs) and Virtual Asset Service Providers (VASPs) in Hong Kong?

In Hong Kong, Virtual Asset Trading Platforms (VATPs) and Virtual Asset Service Providers (VASPs) operate under different regulatory frameworks.

VATPs that facilitate trading of at least one security token must obtain Type 1 (dealing in securities) and Type 7 (providing automated trading services) licenses from the Securities and Futures Commission (SFC). This licensing is mandatory for platforms offering security token trading.

The AMLO introduced a mandatory licensing regime for VASPs, which came into effect on June 1, 2023. This regime encompasses platforms that offer trading services in non-security tokens (like Bitcoin and Ethereum). All such platforms must be licensed by the SFC, extending regulatory oversight to a wider range of virtual asset activities, specifically focusing on virtual asset exchanges.