After withdrawing its initial application for a Virtual Asset Trading Platform (VATP) license in Hong Kong, crypto exchange HTX, formerly known as Huobi, has resubmitted its application. The initial application was filed through its Hong Kong subsidiary Huobi HK on Feb. 20, but was retracted on Feb. 23 without any explanation. However, the latest update on the Securities and Futures Commission (SFC) website reveals that the exchange reinitiated the application process on Feb. 26. HTX has not yet responded to requests for comment.
Hong Kong’s SFC has warned unregistered crypto platforms to submit license applications by Feb. 29 or face closure of their businesses by May 31. This warning comes in the form of a pop-up on the SFC’s website section for listing registered platforms in the city-state. The SFC’s emphasis on registration highlights its commitment to a crypto-friendly atmosphere. Last year, Hong Kong introduced a licensing framework for VATPs to facilitate retail trading services.
As of Feb. 27, the SFC has received seven new applications for VATP licenses, including submissions from major crypto firms like HTX, Bullish, and Crypto.com. This brings the total number of exchange applicants on the regulatory roster to 19. Despite the increase in applications, OSL and Hashkey remain the only licensed crypto exchanges in Hong Kong. Investors using platforms that have not submitted their license applications are advised to make preparations early for potential closures.