Bybit applies for a VATP license in Hong Kong by Spark Fintech Restricted.
Hong Kong’s beneficial regulatory surroundings contrasts with China’s crypto crackdown.
Harvest Fund Administration’s spot bitcoin ETF utility alerts Hong Kong’s rising crypto affect.
Bybit, a outstanding cryptocurrency alternate, has formally utilized for a license to function as a “digital asset buying and selling platform” in Hong Kong. The appliance was submitted by Spark Fintech Restricted on Wednesday, as confirmed by the Hong Kong Securities and Futures Fee’s data.
The transfer comes amid a regulatory panorama that distinguishes Hong Kong from its neighbouring Chinese language mainland. Bybit’s strategic selection aligns with Hong Kong’s welcoming strategy to crypto corporations, as seen with its crypto licensing regime initiated in June 2023.
Hong Kong rising as a crypto hub in Asia
In contrast to the broader crackdown on crypto actions in mainland China, Hong Kong has emerged as a beneficial vacation spot for crypto companies. Bybit acknowledges the town’s strategic benefits, citing its established monetary infrastructure and prime location.
Acquiring a Digital Asset Buying and selling Platform (VATP) license in Hong Kong would mark a pivotal step for Bybit, positioning it to serve institutional purchasers throughout the Asia Pacific area.
Hong Kong instituted its crypto licensing regime in June 2023, permitting licensed exchanges to supply retail buying and selling companies. Bybit’s utility locations it among the many 14 crypto corporations at the moment beneath official overview by the monetary regulator. Notably, OKX, one other outstanding crypto alternate, filed its utility on November 16.
Along with digital asset buying and selling licenses, Hong Kong regulators are paving the way in which for spot crypto exchange-traded funds (ETFs). The Securities and Futures Fee, together with the Hong Kong Financial Authority, has reviewed present insurance policies, signalling a possible growth of the town’s crypto monetary merchandise.
The Hong Kong arm of Harvest Fund Administration, a serious Chinese language asset supervisor, has already utilized to a spot Bitcoin ETF in Hong Kong.
Bybit’s daring transfer to safe a VATP license underscores the rising significance of Hong Kong within the crypto house, as the town continues to embrace and regulate digital asset buying and selling. With regulatory developments ongoing, the Asia Pacific area is witnessing a dynamic shift in its crypto panorama, with Hong Kong on the forefront of this evolution.