How Many Cryptocurrency Exchanges Are There in Hong Kong?

·

Hong Kong has emerged as a key player in the global digital asset landscape, with its cryptocurrency exchange market experiencing rapid growth and transformation. As the city strengthens its position as an international financial hub, it’s increasingly embracing blockchain innovation while maintaining strict regulatory oversight. For investors and crypto enthusiasts, understanding the current state of Hong Kong’s crypto exchange ecosystem—especially the number of licensed platforms—is essential for making informed, secure trading decisions.

This article explores how many cryptocurrency exchanges currently operate in Hong Kong, details key licensed platforms, and examines the evolving regulatory framework designed to ensure market integrity, investor protection, and long-term sustainability.

Number of Licensed Cryptocurrency Exchanges in Hong Kong

As of February 2025, there are 9 licensed cryptocurrency exchanges operating in Hong Kong under the oversight of the Securities and Futures Commission (SFC). These platforms have successfully obtained Virtual Asset Trading Platform (VATP) licenses, meeting stringent requirements related to cybersecurity, anti-money laundering (AML), know-your-customer (KYC) protocols, and financial soundness.

In addition to the nine active licensed exchanges, 14 additional VATP license applications are currently under review. This indicates strong interest from both local and international firms seeking to establish a compliant presence in Hong Kong’s regulated crypto market.

To legally operate, all licensed platforms must complete a comprehensive整改 (rectification) process and pass an independent third-party security audit. Once approved, they can offer services within a limited scope, primarily targeting retail investors with enhanced safeguards such as asset segregation and regular financial reporting.

👉 Discover how to identify a fully compliant crypto exchange in Hong Kong today.

Key Licensed Cryptocurrency Exchanges in Hong Kong

While several exchanges hold licenses, only a few have gained significant traction due to their robust infrastructure, institutional-grade security, and adherence to regulatory standards.

OSL Exchange

OSL, operated by BC Group, is Hong Kong’s first fully licensed virtual asset trading platform. It has built a reputation for high compliance standards and advanced technological infrastructure. The exchange offers a range of services including spot trading, over-the-counter (OTC) transactions, and digital asset custody—making it a preferred choice for both retail and institutional clients.

One of OSL’s standout features is its transparent fee structure, which includes some of the lowest transaction fees among licensed platforms, without compromising on security or user experience.

HashKey Exchange

HashKey is another leading licensed platform focused on institutional-grade crypto trading services. Backed by strong technical capabilities and a comprehensive risk management framework, HashKey has attracted a growing base of professional investors and financial institutions.

The platform emphasizes regulatory compliance and transparency, offering users real-time on-chain verification of reserves. Its user interface is designed for efficiency and scalability, supporting sophisticated trading strategies while maintaining full alignment with SFC guidelines.

HKVAX

Founded by prominent Hong Kong entrepreneurs, HKVAX aims to redefine digital asset trading by bridging traditional finance with the decentralized economy. The platform is actively exploring innovative areas such as Security Token Offerings (STOs) and Asset-Backed Tokens (ABTs)—digital representations of real-world assets like real estate or bonds.

By integrating blockchain technology into conventional financial instruments, HKVAX is helping pave the way for broader institutional adoption of digital assets in Asia.

Hong Kong’s Cryptocurrency Regulatory Environment

The Securities and Futures Commission (SFC) serves as the primary regulator for virtual asset trading platforms in Hong Kong. While cryptocurrencies like Bitcoin are not classified as securities under current law, the SFC maintains oversight over any activities that may involve investment contracts or token offerings resembling traditional financial products.

Under the updated VATP licensing regime introduced in 2023, all operating exchanges must:

These measures aim to balance innovation with investor protection, ensuring that Hong Kong remains competitive globally while minimizing systemic risks.

Furthermore, the government has emphasized its commitment to fostering responsible fintech development. Initiatives such as the Fintech 2030 strategy and pilot programs for tokenized assets signal long-term support for blockchain-based financial services.

👉 Learn what makes a crypto exchange trustworthy under Hong Kong law.

Frequently Asked Questions (FAQ)

How many cryptocurrency exchanges are officially licensed in Hong Kong?

As of early 2025, there are 9 officially licensed cryptocurrency exchanges in Hong Kong authorized by the Securities and Futures Commission (SFC). These platforms meet strict regulatory standards for security, compliance, and transparency.

Are foreign cryptocurrency exchanges allowed to operate in Hong Kong?

Foreign exchanges can serve Hong Kong users only if they obtain a local VATP license. Unlicensed platforms are prohibited from actively marketing or providing services to Hong Kong residents. Users accessing offshore exchanges do so at their own risk and may lack legal recourse in case of disputes.

What is the difference between a licensed and unlicensed crypto exchange?

A licensed exchange operates under SFC supervision, follows AML/KYC rules, segregates user funds, and undergoes regular audits. An unlicensed platform lacks these safeguards, increasing the risk of fraud, theft, or insolvency with limited regulatory oversight.

Why does Hong Kong regulate cryptocurrency exchanges?

Regulation protects investors, prevents money laundering, and promotes market stability. By creating a clear legal framework, Hong Kong aims to attract reputable firms, encourage innovation, and position itself as a global leader in responsible digital finance.

Can retail investors use crypto exchanges in Hong Kong?

Yes, licensed exchanges in Hong Kong are permitted to serve retail investors, but only after implementing enhanced protections such as mandatory risk assessments, trading limits, and educational requirements. This ensures that individual users understand the volatility and risks involved in crypto trading.

What should I look for when choosing a crypto exchange in Hong Kong?

Key factors include:

Always verify a platform's license through the SFC’s official website before registering.

Final Thoughts: Choosing Safely in a Regulated Market

Hong Kong’s approach to cryptocurrency regulation reflects its dual goals: fostering innovation while safeguarding financial stability. With nine licensed exchanges currently active and more applications pending, the market is becoming more structured and transparent than ever before.

For investors, this means greater confidence in platform reliability—but also greater responsibility to choose wisely. Not all licensed exchanges offer the same level of service or security. Conducting due diligence, understanding regulatory requirements, and staying informed about emerging trends are crucial steps toward safe and successful digital asset investing.

👉 Stay ahead of the curve—explore how regulated crypto markets are shaping the future of finance.

As Hong Kong continues to refine its digital asset policies and expand use cases like tokenized assets and Web3 applications, the role of compliant exchanges will only grow in importance. Whether you're a beginner or an experienced trader, navigating this evolving landscape with care and knowledge is the key to long-term success.