Summary
Cryptocurrency exchange Bybit has applied for a license in Hong Kong to operate as a “virtual asset trading platform.” The Hong Kong Securities and Futures Commission is reviewing applications from 14 crypto firms, including Bybit and OKX. Bybit sees obtaining a license in Hong Kong as a significant step, as the city’s strategic location and established financial infrastructure make it an ideal base for its operations and institutional clients in the Asia Pacific region. Hong Kong has been welcoming to crypto firms, granting licenses to platforms HashKey and OSL. The city is also preparing for spot crypto exchange-traded funds (ETFs).
Key Points
1. Bybit has applied for a license in Hong Kong to operate as a “virtual asset trading platform,” joining 14 other crypto firms in the application process.
2. Hong Kong has been welcoming to crypto firms, implementing a licensing regime for virtual asset trading platforms in 2023, and granting licenses to two platforms, HashKey and OSL.
3. Hong Kong is also preparing for spot crypto exchange-traded funds (ETFs), with regulators reviewing their existing policy and several fund companies exploring the launch of potential spot crypto ETFs in the city.