The Securities and Futures Commission (SFC) of Hong Kong has taken a significant step toward enhancing transparency in the rapidly evolving virtual asset industry. To ensure clear, timely, and accessible information for the public, the SFC now maintains four official lists related to virtual asset trading platforms on its website. These include the newly introduced Virtual Asset Exchange Applicant List, created in response to public demand. Currently, only four companies are listed as applicants: HKBitEX, Hong Kong BGE, HKVAX, and Victory.
It’s crucial to emphasize that being on the applicant list does not guarantee licensing approval. The SFC clearly states that investors should only engage with platforms listed on the licensed virtual asset exchange register to protect their interests. Additionally, to help the public identify potentially unregulated or suspicious platforms operating in Hong Kong, the SFC will publish a dedicated Suspicious Virtual Asset Trading Platform List.
This guide breaks down each applicant’s background, licensing status, key personnel, and corporate connections — offering a comprehensive overview for investors and industry watchers.
Understanding the Four SFC Virtual Asset Platform Lists
Before diving into individual applicants, it’s important to understand the four distinct lists maintained by the SFC:
- Licensed Virtual Asset Trading Platforms: Only platforms with full SFC approval appear here. As of now, only OSL and HashKey are officially licensed.
- Applicant List: Includes firms that have formally applied but are still under review. Inclusion does not imply future approval.
- Deemed Licensed Platforms: Refers to platforms already operating in Hong Kong before June 2023, allowed to continue during a transitional period ending February 29, 2024.
- Ceased Operations List: Platforms that have voluntarily shut down or had their licenses revoked.
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HKBitEX: Former HKEX Talent at the Helm
Founded in 2019 and officially registered in June 2020, HKBitEX (full name: Hong Kong Digital Asset Exchange Limited) is one of the most closely watched applicants due to its strong ties with traditional finance.
Its founder, Han Gao, previously worked at the Hong Kong Exchanges and Clearing (HKEX), where he played a role in major initiatives like the Stock Connect and Bond Connect programs. This institutional pedigree has helped HKBitEX attract other ex-HKEX professionals.
One notable hire was Shi Lin, former Co-Head of the Listing Division at HKEX, who joined as Chief Development Officer. However, she left the company in July 2021, marking a shift in leadership direction.
Investors should exercise caution: HKBitEX is often confused with another entity — Hong Kong Digital Asset Exchange Limited (HKD.com) — which is not regulated by the SFC and has no formal licensing application. Always verify names and registration details before engaging with any platform.
Despite its strong team background, HKBitEX remains in the application phase and is not yet authorized to operate as a licensed virtual asset exchange.
HKVAX: Claims of “In-Principle Approval” – But Not Yet Licensed
In August 2023, HKVAX announced it had received an “in-principle approval” from the SFC to conduct Type 1 (dealing in securities) and Type 7 (automated trading systems) regulated activities. Its website even displays a pop-up banner claiming this status and positioning itself as “set to become Hong Kong’s third licensed virtual asset exchange.”
However, this claim requires scrutiny. As of now, HKVAX does not appear on the SFC’s official licensed platform list. An “in-principle approval” is not equivalent to full licensing — it indicates progress in the review process but not final authorization.
The discrepancy between public messaging and regulatory status highlights the importance of relying solely on official SFC sources when assessing legitimacy. While HKVAX may be advancing through compliance checks, investors should remain cautious until formal licensing is confirmed.
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Hong Kong BGE: Subsidiary of Public Firm HKE Holdings
Hong Kong BGE, established in 2021, operates as a wholly owned subsidiary of HKE Holdings Limited (Stock Code: 01726.HK), a publicly listed company in Hong Kong.
Despite its corporate backing, the platform’s official website remains inactive, displaying only messages like “Coming Soon” and “Under Trial Operation.” This suggests that while the company may be preparing for launch, it has not yet begun active trading services or achieved full regulatory clearance.
As an applicant on the SFC list, Hong Kong BGE must meet stringent requirements around custody solutions, cybersecurity, anti-money laundering (AML) frameworks, and investor protection mechanisms before progressing toward licensing.
Given its affiliation with a listed entity, any future developments are likely to be subject to market disclosures — offering some level of transparency for investors tracking its progress.
Victory (Victory Digital Tech): Backed by Traditional Brokerage
Victory Digital Technology, also known as Victory, is backed by Victory Securities (Stock Code: 08145.HK), a well-established local brokerage firm. The company’s executive director includes Juan Gao, who also serves as Chairperson of the Hong Kong Securities Association — a prominent position that underscores its credibility within the financial community.
Victory Securities has been actively expanding into digital assets and already holds SFC licenses for:
- Type 1: Dealing in securities (including virtual assets)
- Type 4: Advising on securities
- Type 9: Asset management
This existing regulatory footprint gives Victory Digital Tech a strategic advantage in navigating the SFC’s licensing framework for virtual asset exchanges.
While still an applicant, its parent company’s compliance experience and industry reputation position it as a strong contender for future licensing.
Why Licensing Matters: Investor Protection & Market Integrity
The SFC’s multi-list system serves a critical role in safeguarding investors and maintaining market integrity. With rising interest in cryptocurrencies and blockchain-based assets, unregulated platforms pose significant risks — including fraud, market manipulation, and loss of funds.
By clearly distinguishing between licensed, applying, deemed licensed, and suspicious platforms, the SFC empowers users to make informed decisions.
Only licensed platforms are required to:
- Segregate client assets
- Conduct regular audits
- Implement robust cybersecurity measures
- Comply with AML and counter-terrorist financing rules
Platforms without these safeguards expose users to unnecessary risk — regardless of marketing claims or celebrity endorsements.
Frequently Asked Questions (FAQ)
Q: Does being on the SFC applicant list mean a platform is licensed?
A: No. Inclusion on the applicant list only means the company has submitted a formal application. It does not indicate approval or guarantee future licensing.
Q: Which virtual asset exchanges are currently licensed in Hong Kong?
A: As of now, only OSL and HashKey are fully licensed by the SFC to operate as virtual asset trading platforms.
Q: What does “deemed licensed” mean?
A: Platforms operating in Hong Kong before June 2023 were allowed a transitional period to apply for full licensing. They can continue operations until February 29, 2024, provided they meet ongoing conditions.
Q: Can I trust a platform claiming “in-principle approval”?
A: Exercise caution. While such status indicates progress, it is not final licensing. Always verify directly with the SFC’s official register.
Q: How can I check if a platform is legitimate?
A: Visit the SFC’s official website and consult the licensed platform list. Avoid platforms not listed or those appearing on the suspicious activities list.
Q: Are all virtual asset platforms required to be licensed?
A: Yes. Since June 2023, all virtual asset trading platforms serving Hong Kong retail investors must be licensed by the SFC or fall under the transitional regime.
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Final Thoughts: Navigating Hong Kong’s Evolving Crypto Landscape
Hong Kong’s push for structured regulation reflects its ambition to become a global hub for responsible digital asset innovation. The SFC’s transparent listing system — covering applicants, licensees, ceased operations, and suspicious entities — sets a benchmark for regulatory clarity.
For investors, the message is clear: always verify status through official channels. Don’t rely on promotional claims or website banners. Use the SFC’s public registers as your primary source of truth.
As more applicants progress through the pipeline, expect increased competition among compliant platforms — ultimately benefiting users through better security, transparency, and service quality.
Whether you're an institutional player or a retail investor, staying informed is your best defense in this dynamic market.
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