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Victory Fintech has received a license from Hong Kong’s Securities and Futures Commission (SFC).
Hong Kong (Manson Yim/Unsplash, modified by CoinDesk)
Key Points:
- The Securities and Futures Commission (SFC) of Hong Kong has issued a cryptocurrency license to Victory Fintech (VDX).
- Currently, there are 12 platforms listed on the SFC’s registry of licensed crypto businesses.
- This regulatory framework is known for being one of the most stringent across major financial hubs.
The SFC of Hong Kong has issued a cryptocurrency license to Victory Fintech (VDX), which is related to the publicly traded financial services company Victory Securities (8540).
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Victory received authorization to run a digital asset trading platform on Friday, as noted in the SFC’s registry of licensed crypto companies, marking the first addition since June 17 of the previous year.
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Hong Kong implemented its current regulatory framework for firms offering cryptocurrency services in 2023, with Hashkey Exchange and OSL Digital Securities being the initial recipients of approval.
There are now 12 licensed platforms included in the registry, among them Bullish (BLSH), which is listed on the New York Stock Exchange and is also the parent corporation of CoinDesk.
This regulatory environment has gained recognition for being one of the toughest among leading financial jurisdictions. Notable exchanges OKX and Bybit both retracted their licensing applications in May 2024.
