Bixin Applies for Crypto Exchange License With Hong Kong SFC

Virtual asset trading platform Bixin has applied for a license with Hong Kong Securities and Futures Commission. So far, 13 crypto firms have applied for the similar license with the Hong Kong regulator.

As per the official SFC website, virtual asset trading platform Bixin, operated by NewBX Limited, applied for a crypto exchange license with the regulator on Jan 24, 2024. Currently, OSL and HashKey are the only two licensed crypto exchanges in Hong Kong.

Some of the other applicants who have applied for the crypto exchange license in Hong Kong include OKX Hong Kong, Hong Kong Virtual Asset Exchange Limited, and Meex Digital Securities Limited.

Hong Kong has ramped up regulatory efforts post the $182 million JPEX scandal where over two dozen suspects were arrested.

Hong Kong plans to amend regulations to include OTC trades

During his speech at the Asian Financial Forum, Chan Ho-Lin, the Deputy Secretary for Financial Services and the Treasury, emphasized the authorities’ active role in fostering the growth of virtual assets and the third-generation Internet ecosystem, local media reported.

He announced plans to amend regulations, enabling the over-the-counter exchange of virtual assets, with these trading activities falling within the purview of supervision.

Chan also noted that the government is working on ensuring that the regulatory system effectively manages and mitigates both actual and potential risks associated with virtual assets. Simultaneously, the aim is to provide a transparent and predictable regulatory environment to support the industry’s development, he added.