On 27 January 2025, Hong Kong’s Securities and Futures Commission (SFC) granted operational licenses to two Hong Kong-based crypto exchanges, PantherTrade and YAX.
This brings the total number of licensed platforms to nine since the SFC’s licensing regime was launched in mid-2024.
Commenting on the development, Kelvin Liu Kai, CEO of YAX said, “We have been granted the virtual asset trading platform operator license from the Hong Kong SFC, a recognition of the strength of our company. In the future, we will focus on enhancing trading speed, reducing custodial risks, and ensuring transparency and security in the trading process to create the best trading experience possible for our users.”
Hong Kong is advancing its position in the global cryptocurrency market by issuing its first crypto exchange licenses of 2025, increasing the total to ten, reflecting a growing regulatory acceptance of digital assets.
This development aligns with Hong Kong’s strategic move to… pic.twitter.com/j05f1gAA1d
— CryptoTvplus (@Cryptotvplus) January 29, 2025
Explore: Hong Kong Expands Crypto Footprint With Licenses For Four More Exchanges
Hong Kong SFC Initially Aimed To Issue Licenses To 11 Crypto Service Providers
While PantherTrade is affiliated with Cheetah, a Chinese internet company, YAX operates as a subsidiary of Tiger Brokers Hong Kong Global Limited.
The addition of PantherTrade and YAX brings the total number of licensed VATPs in Hong Kong to nine. Other previously licensed platforms include OSL, HashKey, HKbitEX, Accumulus GBA Technology, DFX Labs, EX.IO, and Thousand Whales Technology.
However, six additional applicants are still undergoing review for potential licensing. Among these are notable names like WhaleFin Markets, HighBlock Technologies, and Flying Hippo Technologies.
These approvals are part of the SFC’s broader strategy to enforce a robust regulatory framework for virtual asset trading platforms (VATPs), ensuring compliance with stringent standards for investor protection, cybersecurity, and operational transparency.
The SFC initially aimed to issue licenses to 11 crypto service providers by the end of 2024. However, delays in the review process pushed this target to early 2025.
Regulatory hurdles have been a persistent challenge for Hong Kong’s licensing regime, causing the region to lag behind competitors like Singapore, which issued twice as many crypto licenses in 2024.
Meanwhile, Singapore granted 13 cryptocurrency licenses to major industry players, including OKX, Upbit, Anchorage, BitGo, and GSR, in the past year. This marked more than double the licenses issued by the city-state in 2023.
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Limited Cryptocurrency Options
Currently, only four cryptocurrencies—Bitcoin (BTC), Ether (ETH), Avalanche (AVAX), and Chainlink (LINK)—are legally available for trading on licensed platforms in Hong Kong.
Hong Kong’s VATP licensing regime was introduced in June 2023. It was a a part of its broader strategy to establish itself as a global leader in digital asset trading.
The framework requires platforms to meet stringent compliance standards, including risk management protocols and operational transparency. Operating an unlicensed VATP has been a criminal offense since June 2024.
The SFC also maintains an “alert list” of unlicensed or suspicious platforms targeting Hong Kong investors.
Explore: Hong Kong To Fast-Track Crypto Licensing As Market Competition Escalates
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