Due to the location of the region and its well-developed financial infrastructure, Hong Kong will become an ideal base for trading with institutional clients in the Asia-Pacific region, Bybit explains.
The Hong Kong Securities and Futures Commission (SFC) clarifies that Bybit has submitted an application through Spark Fintech. The exchange is operated by Bybit Fintech Corporation, registered in the British Virgin Islands, has its headquarters in Dubai and a network of operational offices in Hong Kong.
The Hong Kong regulatory agency is currently considering similar applications from 14 crypto companies, including the OKX exchange, which submitted a similar document on November 16. The HKVAEX crypto platform, which is supposedly backed by the world's largest crypto exchange Binance, also applied to the financial regulator on January 4 for a local license.
In June 2023, the licensing regime for virtual asset trading platforms officially came into force in Hong Kong. The Hong Kong regulator has already issued licenses to two platforms: HashKey and OSL.