Crypto News – A statement from cryptocurrency exchange Bybit stated today that the business has applied for a license in Hong Kong to function as a “virtual asset trading platform.”
Bybit License Application: Company Wants to Operate in Hong Kong
Bybit filed its licensing application through Spark Fintech Limited on Wednesday, according to the website of the Hong Kong Securities and Futures Commission. According to their website, OKX, one of the 14 cryptocurrency companies whose application was submitted on November 16, is among those formally being reviewed by the financial authority.
Obtaining a VATP license in Hong Kong is a significant step for Bybit. The city’s strategic location and established financial infrastructure make it an ideal base for our operations and institutional clients, serving the Asia Pacific region.
the exchange
Hong Kong Prepares to Support ETFs as Well
In contrast to the wider crackdown on cryptocurrency mining and trading on the Chinese mainland, Hong Kong welcomed cryptocurrency companies last year. Hong Kong’s cryptocurrency licensing program for virtual asset trading platforms went into effect in June 2023, enabling approved exchanges to provide retail trading services. These licenses have only been given by Hong Kong to two platforms: HashKey and OSL. Additionally, Hong Kong is getting ready to open up exchange-traded funds (ETFs) for spot cryptocurrency.
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