Hong Kong’s Securities and Futures Commission (SFC) has approved a license to a cryptocurrency trading platform for Victory Fintech, which is a publicly listed financial service company. Since June 2025, this was the first license issued by SFC, with a total of 12 licensed crypto trading platforms in Hong Kong.
Hong Kong introduced its crypto licensing regime in 2023. Under this framework, all the virtual asset trading platforms must obtain formal approval from the SFC to operate, which makes this system one of the strictest among other global hubs. Major global exchanges like OKX and Bybit withdrew their applications in 2024 due to the strict compliance requirements, and since June 2024, the unlicensed crypto platform in Hong Kong has been treated as a criminal offense.
The approval for Victory Fintech came right after the Hong Kong regulators gradually expanded permitted crypto services. Recently, SFC announced that the licensed brokers can now offer virtual asset margin financing, and only BTC and ETH are initially approved as collateral. Now platforms can also offer perpetual contracts to professional investors under strict guidelines. This shows that Hong Kong is carefully broadening the crypto products in the market under tight control.
Hong Kong regulators are planning to implement more rules. In January, Christopher Hui, who was the Financial Services and Treasury secretary, announced that authorities are planning to introduce draft legislation in 2026 to regulate the firms offering crypto advisory services. However, right now, Hong Kong’s Monetary Authority has not yet approved any stablecoin issuers.
Hong Kong aims to balance innovations with strong investor protection by approving a license to Victory Fintech. Hong Kong remains with strict but structured crypto regulations, with only fully compliant firms allowed to operate.
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