Cryptocurrency exchange BitMart has officially withdrawn its application for a Virtual Asset Service Provider (VASP) license in Hong Kong, as confirmed by the Securities and Futures Commission’s (SFC) updated registry. This move places BitMart alongside other major exchanges like Bybit, OKX, and Gate, which have also recently pulled their applications amid tightening regulatory scrutiny and compliance demands. The trend signals a potential recalibration of global crypto firms’ strategies in Hong Kong, despite the city’s efforts to position itself as a regulated digital asset hub. Industry analysts suggest that stringent requirements and uncertain profitability may be driving exchanges to prioritize other markets or await clearer regulatory frameworks.
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Hong Kong Warns Investors on Stablecoin Hype Risks
Hong Kong’s financial regulators, the HKMA and SFC, have cautioned investors against making hasty investments in stablecoin-related assets due to recent sharp price fluctuations tied to speculation and unverified licensing claims. The HKMA emphasized its strict approval process for stablecoin licenses, noting that only a few applicants will meet the rigorous capital, governance, and risk management requirements. Meanwhile, the SFC urged investors to avoid decisions based on hype and warned of potential market manipulation, pledging strict enforcement against misleading conduct. The regulators also reminded companies to maintain transparency to uphold market integrity as Hong Kong rolls out its stablecoin framework.
read moreHong Kong Moves to Legalize Crypto Derivatives for Web3 Leadership
Hong Kong is gaining political momentum in its effort to legalize crypto derivatives, with senior officials eyeing Bitcoin futures and options trading for professional investors. This initiative aims to enhance product diversity and strengthen Hong Kong’s status as a digital asset hub, alongside measures like staking permissions and tax incentives. The Securities and Futures Commission (SFC) will prioritize risk management, initially limiting derivatives to investors with over HK$8 million in assets. Hong Kong has already approved spot Bitcoin and Ethereum ETFs, staking services, and a stablecoin licensing regime. The derivatives framework, expected by 2025, would complete Hong Kong’s crypto policy trio: spot ETFs, stablecoins, and derivatives. This strategy seeks to attract institutional capital and compete with rivals like Singapore and Dubai. The SFC believes approved products will boost liquidity and offer new hedging strategies. Hong Kong is also preparing a second policy statement on virtual assets, exploring synergies between traditional finance and decentralized innovation.
read moreHong Kong’s Ambitious Plans to Become a Leading Crypto Hub in Asia
Hong Kong is positioning itself as a regional crypto hub, with Financial Secretary Paul Chan Mo-po emphasizing a stable and vibrant market for digital assets. The city is enhancing its infrastructure through initiatives like Cyberport and Science Park, while also planning tax exemptions for investment vehicles. With a cautious approach to regulation, only nine firms have received licenses from the Securities and Futures Commission, including notable exchanges PatherTrade and YAX. The integration of AI and blockchain is also a focus, as Hong Kong aims to balance innovation with oversight in the financial sector.
read moreHong Kong Aims to Be Regional Crypto Hub with Open Market Policies
Hong Kong’s financial secretary, Paul Chan Mo-po, emphasized the city’s commitment to being a vibrant crypto market during his keynote at Consensus 2025. He highlighted significant investments in infrastructure and talent development, with over 270 blockchain firms now part of the Cyberport Web3 network. The region is also exploring tax exemptions for crypto gains and fostering the intersection of AI and blockchain to enhance financial innovation.
read moreHong Kong Accepts Bitcoin and Ethereum for Investment Immigration Visas
Hong Kong has officially recognized Bitcoin and Ethereum as valid proof of assets for investment immigration, requiring applicants to hold a minimum of HKD 30 million (approximately $3.85 million) in crypto. This policy shift has already led to the approval of two applicants, one for each cryptocurrency, and aims to attract global crypto investors while ensuring regulatory compliance. The initial visa granted lasts for two years, with the possibility of renewal, as the government continues to monitor asset ownership to prevent misuse.
read moreXRP Excluded from Hong Kong’s Approved Cryptocurrency Trading List
Ripple’s XRP has been notably excluded from Hong Kong’s Securities and Futures Commission’s approved list of cryptocurrencies, which currently includes only Bitcoin, Ether, Avalanche, and Chainlink. This absence raises concerns about XRP’s regulatory status in the region, especially as Ripple seeks broader adoption through initiatives like a potential Grayscale XRP ETF and CME XRP futures. The reasons for XRP’s exclusion remain unclear, possibly linked to Ripple’s ongoing legal challenges in various jurisdictions.
read moreHong Kong Grants First Crypto Licences of 2025 to PantherTrade and YAX
Hong Kong’s Securities and Futures Commission has issued its first two crypto operational licenses of 2025 to exchanges PantherTrade and YAX, bringing the total to seven since mid-2024. This move is part of the city’s ongoing efforts to regulate the virtual asset industry under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance, ensuring secure trading through rigorous checks. Currently, only Bitcoin, Ether, Avalanche, and Chainlink are legally available for trade, reflecting Hong Kong’s cautious yet progressive approach to crypto regulation.
read moreHong Kong SFC Identifies New Fraudulent Crypto Platforms Amid Regulatory Efforts
Hong Kong’s Securities and Futures Commission (SFC) has identified 33 new fraudulent websites impersonating HashKey, raising the total to 45. The SFC has been monitoring the crypto market, flagging 91 suspicious platforms, amid concerns following the collapse of JPEX, which defrauded investors of approximately $166 million. In response, HashKey has disassociated itself from these scams, urging clients to verify links. Meanwhile, the SFC has licensed two new exchanges, PantherTrade and YAX, expanding the regulated crypto ecosystem in the region.
read moreHong Kong SFC Grants New Crypto Licenses Expanding Digital Asset Regulation
Hong Kong’s Securities and Futures Commission (SFC) has granted its first crypto trading licenses of 2025 to PantherTrade and YAX, increasing the total to seven since mid-2024. The city has approved only 10 virtual asset trading platforms since 2020, reflecting its strict regulatory approach to digital assets.Currently, trading is limited to Bitcoin, Ether, Avalanche, and Chainlink, with plans to attract institutional investors through tax exemptions on cryptocurrency investment gains for hedge funds, private equity firms, and family offices.
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