NewBX Limited Secures Virtual Asset Trading Platform License in Hong Kong, Expanding City’s Regulated Crypto Landscape to 13 Platforms

Hong Kong’s SFC Grants Virtual Asset Trading License to NewBX, Expanding Crypto Landscape

Hong Kong – In a significant boost to the city’s burgeoning cryptocurrency sector, the Securities and Futures Commission (SFC) has officially granted a virtual asset trading platform (VATP) license to NewBX Limited, the operator behind the crypto exchange Bixin. This milestone brings the total number of licensed platforms in Hong Kong to 13, reinforcing the city’s ambition to establish itself as a leading regulated crypto hub in Asia.

The newly awarded license empowers NewBX to engage in regulated activities under Type 1 (dealing in securities) and Type 7 (providing automated trading services). Additionally, it allows the operation of a virtual asset exchange in compliance with Hong Kong’s Anti-Money Laundering and Counter-Terrorist Financing Ordinance, a dual-licensing requirement that all platforms must adhere to.

NewBX, a subsidiary of the Bixin Group, has deep roots in the crypto industry, tracing its origins back to 2014 when it launched as HaoBTC, one of Asia’s pioneering Bitcoin exchanges. The company has since evolved, rebranding as Bixin and diversifying its operations to include crypto mining hardware, custody services, venture capital, and retail exchange offerings. After filing its VATP license application with the SFC in January 2024, NewBX has been operating under a transitional “deemed licensed” status since June while awaiting approval.

The roster of licensed platforms now includes notable names such as OSL Digital Securities, HashKey Exchange, Bullish, and Victory Fintech (trading as VDX), among others. With six additional applications still under review, the SFC’s cautious approach reflects a commitment to thorough vetting, ensuring that only compliant and credible platforms operate within the city.

Hong Kong’s licensing regime, introduced in 2023, mandates that any platform catering to retail investors must secure an SFC license. This regulatory framework was largely a response to the high-profile failures of cryptocurrency exchanges in 2022, aiming to restore confidence and provide a competitive edge over less regulated jurisdictions in the region.

While the number of licensed platforms is steadily increasing, the pace of approvals has been measured. Some applicants have faced lengthy review processes, with the SFC demonstrating a willingness to take its time to ensure compliance. As the crypto landscape continues to evolve, the total number of licensed platforms is expected to grow, although the timeline and outcomes of pending applications remain at the SFC’s discretion.

As Hong Kong positions itself as a beacon of regulatory clarity in the crypto space, the approval of NewBX marks a pivotal moment in the city’s journey toward becoming a trusted hub for digital asset trading in Asia.