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Post: Bybit Applies for VATP License with Hong Kong SFC: Overview, Review, and Hot Take

Bybit Applies for VATP License with Hong Kong SFC: Overview, Review, and Hot Take

Key Points:

  • Bybit cryptocurrency exchange has applied for a Virtual Asset Trading Operator (VATP) license in Hong Kong.
  • The exchange submitted its license application on January 31 through the entity Spark Fintech Limited.
  • The Hong Kong Securities and Exchange Commission (SFC) is currently reviewing 14 similar VATP applications, including one from OKX.
  • Currently, only two crypto exchanges in Hong Kong are licensed by the SFC: OSL exchange and HashKey Exchange.

Bybit Applies for VATP License with Hong Kong SFC

Bybit, a popular cryptocurrency exchange, has submitted an application for a Virtual Asset Trading Operator (VATP) license with the Hong Kong Securities and Exchange Commission (SFC). The license application was filed on January 31 through the business entity Spark Fintech Limited.

Review of VATP Applications

The SFC is currently reviewing 14 similar VATP license applications, including the one from Bybit. Among the applications being reviewed is also one from the cryptocurrency exchange OKX. This indicates a growing interest in regulatory approval among crypto exchanges in Hong Kong.

Licensed Crypto Exchanges in Hong Kong

Currently, only two crypto exchanges in Hong Kong are licensed by the SFC. OSL exchange received its license on December 15, 2020, while HashKey Exchange was licensed on November 9, 2022. This makes regulatory approval a significant milestone for cryptocurrency exchanges operating in Hong Kong.

Hot Take

Bybit’s application for a VATP license with the Hong Kong SFC reflects the increasing need for regulatory compliance in the cryptocurrency industry. As more exchanges seek licensing, it demonstrates a willingness to operate within the boundaries of regulatory frameworks and establishes trust among users. The review of 14 similar applications indicates a growing acknowledgment of the importance of proper regulation in the digital asset space.

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