Hong Kong is ramping up efforts to establish itself as a leading hub for cryptocurrency exchanges by issuing more licenses for virtual asset trading platforms (VATPs). The Securities and Futures Commission (SFC) aims to approve licenses for 11 additional crypto exchanges by the end of 2024. This move follows the approval of local exchange HKVAX, making it the third licensed platform in the region alongside OSL and HashKey. The initiative seeks to bolster Hong Kong’s position as a secure, regulated environment for crypto activities while balancing innovation with investor protection.