Hong Kong has granted licenses to four more crypto exchanges as the region focuses on accelerating the licensing process amid growing competition to become a crypto hub.

The Securities and Futures Commission said it approved licenses for four additional exchanges — HKbitEX, Accumulus, DFX Labs, and EX.IO — on Wednesday under its “swift licensing process” after the applicants addressed feedback from the regulator’s on-site inspections. The SFC has previously issued three such licenses to OSL, HashKey, and HKVAX.

Hong Kong has opened its doors to crypto firms. In June 2023, it officially launched a crypto licensing regime for “virtual asset trading platforms” (VATPs), allowing licensed exchanges to offer retail trading services.

The SFC noted that it has worked to speed up the licensing process. “We have been proactively engaging with VATPs’ senior management and ultimate controllers, which helps drive home our expected regulatory standards and expedite our licensing process for VATPs,” Eric Yip, the SFC’s Executive Director of Intermediaries, said in a Wednesday statement. 

In a separate circular released Wednesday, the SFC provided more details on a revamped licensing process. In addition to on-site inspections, the regulator requires applicants to undergo assessments of their platform policies, procedures, systems and controls, which a certified public accountant must sign off.

“The SFC will supervise the whole second-phase assessment process through a tripartite engagement with the VATPs and their external assessors and will uplift the restriction on business scope after the second-phase assessment is completed to the SFC’s satisfaction,” the regulator said.

Joseph Chan, Acting Secretary for Financial Services and the Treasury said last week that the SFC also plans to establish a “consultative panel” that is expected to commence early next year for licensed crypto trading platforms.

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