Hong Kong Grants Bullish License, Bringing Licensed Crypto Exchanges to 10

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Hong Kong continues to solidify its position as a leading global hub for virtual assets, as the Securities and Futures Commission (SFC) has officially granted a license to Bullish, a prominent cryptocurrency trading platform, allowing it to operate legally within the region. This latest approval brings the total number of licensed crypto exchanges in Hong Kong to 10, marking another milestone in the city’s strategic push to become a regulated and trusted center for digital finance.

Bullish, backed by notable investors including Peter Thiel and Richard Branson, has emphasized its long-term commitment to Hong Kong. The platform’s Senior Vice President and Head of Global Sales, Liu Yang, highlighted that Hong Kong remains an indispensable business gateway connecting East and West. He also revealed that Bullish already employs over 100 staff members in the region, underscoring its operational depth and local integration.

With regulatory approval now secured, Bullish will shift its focus toward expanding institutional-grade services, catering to professional investors and asset managers seeking compliant access to digital asset markets in Asia.

Bullish Gains Momentum as Consensus Makes Historic Debut in Hong Kong

The timing of Bullish’s licensing coincides with a landmark event in the global crypto calendar — Consensus, one of the industry’s most influential conferences, is being held in Hong Kong for the first time outside the United States. Organized by CoinDesk, which was recently acquired by Bullish, the event underscores the growing synergy between media, technology, and regulation in shaping the future of Web3.

The conference is currently underway at the Hong Kong Convention and Exhibition Centre (HKCEC) and will run until February 20. Today, February 19, stands out as the highlight day, drawing an estimated 8,000 attendees, including developers, investors, regulators, and enterprise leaders from around the world.

Michael Lau, Chairman of Consensus Hong Kong, described the decision to host the event in the city as “highly strategic.” In a joint interview with Leung at InvestHK’s offices on February 13, Lau stated:

“Choosing Hong Kong was a very strategic decision because one of the big themes across this space is that this technology has matured to the point where it can interface directly with traditional finance.”
— Michael Lau

This sentiment reflects a broader industry recognition: blockchain and digital assets are no longer niche innovations but are increasingly integrated into mainstream financial infrastructure — and Hong Kong is positioning itself at the forefront.

👉 Discover how global crypto leaders are shaping the future of finance at Asia’s newest digital asset hub.

Hong Kong Reinforces Support for Virtual Asset Innovation

Beyond hosting high-profile events, Hong Kong is actively building a comprehensive regulatory framework to support sustainable growth in the virtual asset sector. The government and regulators have consistently communicated their openness to innovation, provided it aligns with investor protection and anti-money laundering (AML) standards.

One of the most discussed topics at Consensus and across regulatory circles is stablecoins — digital currencies pegged to stable assets like the U.S. dollar. With their potential to revolutionize payments, remittances, and decentralized finance (DeFi), stablecoins are expected to be among the next major regulatory priorities.

Hong Kong Monetary Authority (HKMA) officials have confirmed that a dedicated stablecoin regulatory regime is under development and will fall under HKMA supervision, complementing the SFC’s oversight of crypto exchanges. This dual-layered approach aims to ensure both payment stability and market integrity.

More Platforms Awaiting Approval in SFC Pipeline

While 10 platforms are now fully licensed, the pipeline remains active. According to Mr. Yip Chi Hang, Executive Director of Intermediaries at the SFC, there are currently eight virtual asset trading platforms undergoing final review for licensing.

Yip noted that market participants now have greater clarity on the SFC’s licensing requirements, including custodial safeguards, cybersecurity protocols, and capital adequacy rules. He reiterated that while the SFC remains open to new applications, only those meeting stringent compliance benchmarks will be approved.

“This is not a race to issue licenses,” Yip emphasized. “It’s about ensuring that each platform operates with transparency, accountability, and resilience.”

This measured approach reinforces Hong Kong’s reputation as a quality-over-quantity jurisdiction — one that prioritizes trust and long-term viability over rapid expansion.

Why Institutional Investors Are Watching Hong Kong Closely

For institutional players — hedge funds, family offices, asset managers — regulatory clarity is non-negotiable. Hong Kong’s structured licensing model offers precisely that: a clear path for compliant market participation.

Licensed platforms must adhere to strict rules regarding:

These safeguards make Hong Kong-licensed exchanges attractive partners for institutions seeking exposure to Asian crypto markets without compromising on compliance.

Moreover, Bullish’s strategic pivot toward institutional services signals a broader trend: the professionalization of crypto trading. As more licensed platforms roll out OTC desks, custody solutions, and structured products, Hong Kong is evolving into a full-service digital asset ecosystem.

👉 See how regulated platforms are unlocking institutional access to next-generation digital assets.

FAQ: Understanding Hong Kong’s Crypto Licensing Landscape

Q: How many crypto exchanges are currently licensed in Hong Kong?
A: As of early 2025, there are 10 licensed virtual asset trading platforms operating under SFC regulation.

Q: What does it mean for an exchange to be SFC-licensed?
A: An SFC license means the platform meets rigorous standards for investor protection, cybersecurity, financial soundness, and anti-money laundering compliance. It allows them to serve retail and institutional clients in Hong Kong legally.

Q: Are U.S.-based exchanges eligible for a Hong Kong license?
A: Yes, provided they meet all local regulatory requirements and establish a physical presence in Hong Kong. Jurisdictional origin does not disqualify applicants.

Q: When will Hong Kong regulate stablecoins?
A: The HKMA is actively developing a regulatory framework for stablecoins and expects to publish consultation outcomes and draft legislation in 2025.

Q: Can tourists or non-residents use licensed Hong Kong exchanges?
A: Most licensed platforms primarily serve Hong Kong residents. However, some may offer services to international users depending on their compliance policies and regional licensing.

Q: Is crypto trading legal for retail investors in Hong Kong?
A: Yes — but only through SFC-licensed platforms. Unlicensed exchanges are prohibited from marketing or providing services to Hong Kong retail customers.

👉 Explore secure, compliant ways to engage with digital assets in Asia’s premier financial hub.

Looking Ahead: Hong Kong’s Vision for a Digital-First Financial Future

Hong Kong’s steady progress in regulating crypto reflects a broader national vision — to build a modern, innovative financial ecosystem that bridges global markets with Chinese capital. With support from both local authorities and international players like Bullish and CoinDesk, the city is emerging as a model for balanced crypto regulation.

The convergence of Consensus 2025 and the latest licensing approvals sends a powerful message: Hong Kong is open for business — not just for speculation, but for responsible innovation.

As more platforms clear regulatory hurdles and new frameworks like stablecoin oversight take shape, the foundation is being laid for sustained growth in digital asset adoption across Asia.

For investors, entrepreneurs, and technologists alike, Hong Kong is no longer just an option — it’s becoming a necessity in any serious Web3 strategy.

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