Crypto.com Applies for VASP License in Hong Kong! Deadline at the End of February, Which Virtual Asset Exchanges Haven’t Taken Action Yet?

The Hong Kong government opened the application for Virtual Asset Service Providers (VASP) licenses on June 1st last year and stated that VASPs must submit their license applications by February 29th this year or cease their operations in Hong Kong by May 31st. In order to meet the deadline, Crypto.com, a cryptocurrency exchange, has also submitted its application. According to the Securities and Futures Commission (SFC) public records, Crypto.com, listed under the company name “Foris DAX HK Limited,” was added to the list of license applicants on February 9th. If successful, this license will allow Crypto.com to legally provide virtual currency trading services to Hong Kong investors.
As the deadline approaches, the SFC data shows that the two virtual asset trading platforms officially licensed by the SFC are HashKey Exchange and OSL Exchange. There are still 17 companies awaiting VASP license review, including Crypto.com, as well as bitV, YAX, and Bullish, who submitted their applications in February. Previously, OKX, Bybit, PantherTrade Limited, BGE, HKbitEX, HKVAX, and VDX have also submitted applications. It is worth noting that Meex, a platform included in the list on December 10th last year, had its application rejected on February 7th. Additionally, well-known platforms such as Binance, Huobi, and Gate.io, who previously indicated their intention to take action, are currently not listed by the SFC. The SFC previously stated that the period from June 1, 2023, to May 31, 2024, is the license application transition period. If the SFC deems that existing virtual asset trading platforms meet the conditions for being granted a license, these platforms will automatically be treated as licensed from June 1st this year until their license applications are approved, withdrawn, or rejected.