Hong Kong continues to solidify its position as a leading Web3 and digital asset hub in Asia, with the Securities and Futures Commission (SFC) granting licenses to four new virtual asset trading platforms (VATPs) under its expedited licensing process. This marks a pivotal moment in the city’s evolving regulatory framework, bringing the total number of licensed platforms to seven—joining established names like OSL Exchange, HashKey Exchange, and HKVAX.
The newly licensed platforms—HKbitEX, Accumulus, DFX Labs, and EX.IO—represent a diverse mix of institutional backing, technical expertise, and strategic vision. Their approval reflects Hong Kong’s commitment to fostering a compliant, transparent, and investor-protected digital asset ecosystem.
👉 Discover how these new entrants are shaping Hong Kong's crypto future.
The Four Newly Licensed Platforms: Who They Are and What They Bring
HKbitEX: Backed by Former HKEX Talent and Major Funding
HKbitEX, operated by Hong Kong Digital Asset Exchange Group Limited, was founded in 2019 to serve global professional investors with regulated spot and over-the-counter (OTC) digital asset trading services. The platform is part of Tai Chi Capital Group, a financial technology conglomerate with core operations in tokenized assets, capital markets, wealth management, and Web3 SaaS solutions.
A key highlight of Tai Chi Capital is its launch of PRINCE, Hong Kong’s first real estate fund security token offering (STO), in September 2023. This closed-end fund, managed by subsidiary Pioneer Asset Management, aimed to raise approximately HK$100 million, showcasing early institutional adoption of blockchain in traditional finance.
The leadership team includes Gao Han, founder of Tai Chi Capital and former Hong Kong Exchange (HKEX) executive responsible for promoting mainland initiatives such as Stock Connect and Bond Connect. His network has attracted other ex-HKEX professionals, reinforcing HKbitEX’s credibility.
In terms of funding, HKbitEX has secured significant capital:
- Pre-B round: $9 million in November 2021 at a $300 million valuation.
- A2 round: $10 million in December 2022, led by Axion Global Investment (a subsidiary of ANI Holdings) and Hanhua Asset Management, with participation from Legend Capital, Lenovo Ventures, and others.
This strong institutional support positions HKbitEX as a serious player in Hong Kong’s regulated crypto landscape.
Accumulus: Powered by a Top 500 Chinese Enterprise
Accumulus is the digital asset trading platform launched by Cloud Account Greater Bay Area Technology (Hong Kong) Limited, which began operations in April 2023 and submitted its SFC license application by year-end.
Cloud Account Hong Kong serves as the sole overseas headquarters of Cloud Account, mainland China’s largest online human resources service provider. The group supports 110 million gig economy workers across 138 countries and reported RMB 108.4 billion in revenue in 2024—earning it a spot on the 2024 China Top 500 Enterprises list.
With government-approved foreign direct investment (FDI) quotas totaling RMB 985 million, Cloud Account is strategically expanding into Web3 through its Hong Kong arm. This deep corporate infrastructure and regulatory compliance experience give Accumulus a unique advantage in scaling securely within Hong Kong’s strict licensing regime.
👉 See how enterprise-grade compliance is redefining crypto exchange standards.
DFX Labs: Blockchain Veterans Driving Innovation
DFX Labs Company Limited brings seasoned expertise from both blockchain and traditional finance. As one of the last applicants before the SFC tightened its review process, DFX Labs stands out for its leadership team’s pedigree.
Key figures include:
- Simon Au Yeung, COO, former CEO of Blockchain Finance and BGE Exchange, as well as co-chair of IEEE Hong Kong.
- David H., CTO, with prior roles at Morgan Stanley, Dell Technologies, and HashKey Group.
This blend of financial rigor and technical depth enables DFX Labs to build robust trading infrastructure that meets SFC requirements for risk management, cybersecurity, and market surveillance.
Their focus on institutional-grade security and compliance aligns closely with Hong Kong’s regulatory expectations—making them a strong fit for the city’s long-term Web3 ambitions.
EX.IO: The Only Licensed Platform with Securities Brokerage Roots
Formerly known as xWhale, EX.IO is operated by Thousand Whales Technology (BVI) Limited and holds a unique distinction: it is the first and only licensed virtual asset platform in Hong Kong with direct backing from an online securities brokerage.
Its primary investor is Wonder Capital, the fintech arm of Sina Corporation (founded by Weibo and Sina.com). Additional investors include Lingling Capital and WeSure Financial Technology (HKG: 2003).
The platform emerged from a strategic partnership between Web3 startup BusyWhale and Wonder Securities in May 2023. By integrating brokerage capabilities with crypto trading, EX.IO offers a hybrid financial model that could appeal to retail and institutional users seeking diversified digital asset access under one regulated roof.
SFC’s Six-Step Licensing Roadmap: A Clear Path to Compliance
Recognizing challenges in the licensing process—including delays and withdrawn applications—the SFC has introduced a transparent six-step roadmap to streamline approvals while ensuring robust oversight.
Step-by-Step Regulatory Process:
- On-site Inspection: The SFC conducts field visits to assess operational readiness and provides feedback.
- Conditional Licensing: Upon agreement on corrective actions, a conditional license is issued for restricted operations.
- Third-Party Testing: Penetration tests and vulnerability assessments must be completed by independent experts.
- Restricted Operations: Platforms may begin limited trading only after passing all technical and compliance checks.
- External Evaluation: An independent auditor evaluates revised policies, procedures, and controls; the SFC oversees this second-phase assessment.
- Full Licensing: Once all conditions are met, restrictions are lifted, granting full operational status.
This structured approach ensures that platforms not only meet technical standards but also maintain ongoing compliance through verifiable systems and monitoring mechanisms.
Building Trust: The 2025 Advisory Panel and Future Outlook
To strengthen collaboration with licensed operators, the SFC plans to establish a formal advisory panel in early 2025. Each licensed platform will appoint senior representatives to engage directly with regulators on investor protection, innovation priorities, and policy development.
As stated by Mr. Bryan Yip, Executive Director of Intermediaries at the SFC:
“We are navigating a complex, borderless market built on advanced technology. By creating structured dialogue with industry leaders, we can prioritize initiatives that balance innovation with safety.”
Additionally, the SFC will release updated guidance for new applicants seeking a second virtual asset platform license, further clarifying expectations around governance, custody solutions, anti-money laundering (AML), and market integrity.
Frequently Asked Questions (FAQ)
Q: How many virtual asset exchanges are now licensed in Hong Kong?
A: As of December 2025, there are seven licensed virtual asset trading platforms approved by the SFC.
Q: What are the main requirements for obtaining a VATP license?
A: Platforms must pass on-site inspections, implement robust risk controls, undergo third-party security audits, demonstrate adequate capital reserves, and comply with AML/KYC regulations.
Q: Can retail investors trade on these platforms?
A: Yes—licensed platforms may offer services to retail investors provided they meet specific safeguards around product suitability, risk disclosure, and portfolio limits.
Q: Why did some platforms withdraw their applications?
A: Many failed to meet evolving compliance standards during the transition period. The SFC’s enhanced scrutiny ensures only well-prepared firms proceed.
Q: What role does Web3 play in Hong Kong’s financial strategy?
A: Web3 is central to Hong Kong’s ambition to become Asia’s premier fintech hub. Regulated crypto trading, tokenized assets, and blockchain innovation are key pillars.
Q: Will more licenses be issued in 2025?
A: Yes—the SFC expects continued applications and plans to accelerate reviews using its new roadmap and advisory framework.
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Hong Kong’s latest licensing wave signals growing confidence in its ability to regulate digital assets without stifling innovation. With stronger institutional players entering the space and clearer regulatory pathways emerging, the city is positioning itself as a model for balanced, forward-looking crypto governance in Asia—and beyond.