Hong Kong Stock Exchange license adds another member: BGE passed the approval, BBT joined the application

According to the latest update on the official website of the Securities and Futures Commission (SFC) of Hong Kong, the Virtual Asset Trading Platform (VATP) license has added a new member. BGE (Bitcoin Global Exchange) has officially passed the approval and became the 11th licensed virtual asset exchange in Hong Kong. This indicates that Hong Kong continues to accelerate its pace in promoting a compliant digital asset trading environment, and the number of platforms has steadily increased.

What is more noteworthy is that in the new round of information updates, two new institutions have submitted and entered the application list, one of which is BBT (Big Block Technology), and the other has not yet disclosed detailed information. BBT was previously active in Southeast Asia and the Middle East, focusing on stablecoin clearing and high-frequency crypto trading business. Its application trend is regarded by the industry as an important signal that medium-sized technology service institutions are moving closer to the Hong Kong licensing system.

So far, the number of virtual asset licensed institutions approved by the Hong Kong Securities and Futures Commission has reached 11, including OSL, HashKey Exchange, Hong Kong Digital Asset Exchange (HKVAX), HKbitEX, and the latest BGE. The number of applicants who have withdrawn and returned is 15 (including applicants who have been resubmitted), and the number of virtual asset trading platforms on the list of applications is 9. This shows that the Hong Kong market's acceptance of the regulated environment continues to increase.

Market insiders pointed out that as Hong Kong promotes the establishment of a "compliant, risk-controlled, and sustainable" virtual asset ecosystem, obtaining a VATP license is not only a threshold for entering the local market, but also an important endorsement for institutions to attract international investors and connect with the mainstream financial system. In particular, after the end of the transition period for virtual asset trading platform supervision on June 1, 2024, platforms that have not obtained a license shall not provide services to the Hong Kong public, and the industry will enter a stage of survival of the fittest under strict supervision.

In addition, the Securities and Futures Commission has also intensively voiced support for the development of spot ETFs, pledge services, and securities tokenization (STO) in recent months. Analysts believe that based on the continuous improvement of the regulatory framework, the issuance and application of platform licenses will be accelerated, which will help enhance Hong Kong's position as an international virtual asset hub and attract more overseas participants to set up operations.