2025 Update! Hong Kong Virtual Money Exchange Shop License Application: Guide to Avoiding the Pitfalls + Compliance List Disclosure

As a financial center in Asia, Hong Kong has attracted global attention in the process of virtual asset trading compliance. 2025 is the latest revision of the regulatory framework, applying for a virtual asset trading platform license is not only a threshold for legal operation, but also a key indicator of investor confidence. This article is exclusively organized byLicense List, Application Pitfalls, Regulatory HighlightsThis will help you avoid compliance landmines!

I. Life and Death Lines! Latest List of Licensed Platforms Revealed

According to the SFC's April 2025 update, the11 platformsOfficially licensed (complete list attached):

Central Number Company Name (English and Chinese) trading platform Licensing Date
BPJ213 OSL Digital Securities Limited／OSL數字證券有限公司 OSL Exchange 2020/12/15
BPL992 Hash Blockchain Limited HashKey Exchange 2022/11/09
BPW549 Hong Kong Virtual Asset Exchange Limited HKVAX 2024/10/03
BPO721 Hong Kong Digital Asset Trading Group Limited HKbitEX 2024/12/18
BUA970 Cloud Account Greater Bay Area Technology (HK) Ltd. Accumulus 2024/12/18
BUN619 DFX Labs Company Limited DFX Labs 2024/12/18
BUT670 Thousand Whales Technology (BVI) Limited EX.IO 2024/12/18
BUY578 Cheetah Trading (Hong Kong) Limited PantherTrade 2025/01/27
BUT913 YAX (Hong Kong) Limited YAX 2025/01/27
BUQ956 Bullish HK Markets Limited Bullish 2025/02/18

Key Tips: The SFC has made it clear thatLicensing does not mean official endorsementIt is important to check before investing! Must check before investing!Public RegisterVerify the operational details of the platform.

Applicants must read! SFC's Three Audit Minefields

Analyzing the 14 cases that were returned/withdrawn in 2024-2025.The main reason for the failure of the Goddard 93%.Concentrate on:

  1. Insufficient completeness of application documents

    • Case: Meex Digital (returned 2024/02/07) for failure to submit proof of anti-money laundering structure
    • Countermeasure: Preparation is required7 core documents(business plans, AML policies, technical audit reports, etc.)

  2. Regulatory Conflicts in Business Models

    • Case: Gate.HK (withdrawn 2024/05/22) involved in design of unreported derivatives transaction
    • Countermeasure: The operating plan needs to be approvedPre-qualification of Third Party Compliance Consultants

  3. Insufficient transparency of shareholder structure

    • Case: OKX (withdrawn 2024/05/24) for failure to disclose list of ultimate beneficiaries
    • Countermeasure: Provision ofShareholding penetration chart + Certificate of non-criminal conviction of beneficial owner

III. Gray Area! Explanation of "Deemed Licensed" Trap

SFC Special Names7 "deemed licensed" platforms(as of 2025/04/02):

  • NewBX Limited (Bixin.com)
  • Foris DAX HK Limited (Crypto.com)
  • Whalefin Markets Limited (WhaleFin)
  • Flying Hippo Technologies Limited (Matrixport HK)

Risk Warning: These platforms are only operating temporarily due to compliance with the Transitional Provisions,** with an ultimate licensing rate of less than 40%**! Platforms should be withdrawn immediately if they experience the following conditions

  1. Failure to prominently display "License Application in Progress" on official website
  2. New types of business not yet reported to the SFC
  3. Unusual delay in customer fund withdrawal

Compliance Survival! Three Trends in Licensing in 2025

  1. Increased threshold for technical audits
    New "Cold Wallet Penetration Monitoring" Requirement, Platforms Need to Submit on a Monthly BasisAsset Reserve Certificate + Private Key Management Record

  2. Tightened restrictions on cross-border transactions
    Licensed platforms from Q3 2025 onwardsNot to provide contract trading services to non-Hong Kong IP users

  3. Cascade of Responsible Persons System
    In the event of a material breach by the PlatformBoard members face a maximum of 7 years imprisonment + HK$5 million fine.

V. Ultimate Self-Protection Guide! Investors must do three actions

  1. Instant Verification: LoginSFC Licensed ListConfirmation of the validity of the central numbering of the platform
  2. capital diversion: No more than the total position of assets deposited on a single platform 20%
  3. traces remain: All trade orders need to be confirmed twice through the platform's official email.

Virtual Asset Regularization has become a foregone conclusion. The only way to stay ahead of the crypto wave is to keep up with the regulatory dynamics! Bookmark this article now and forward it to your friends who are trading to avoid being the next victim of regulatory upgrades!

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