SFC-Licensed Crypto Exchanges in Hong Kong
How the SFC licensing regime protects Hong Kong investors
Last updated: March 2026
What is SFC VATP Licensing?
The Hong Kong Securities and Futures Commission (SFC) implemented the Virtual Asset Trading Platform (VATP) licensing regime in June 2023. Under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO), all virtual asset trading platforms operating in Hong Kong must obtain an SFC license.
This is one of the most comprehensive crypto regulatory frameworks in Asia, designed to provide a higher level of protection for both retail and institutional investors.
Investor Protections
SFC-licensed platforms must comply with the following requirements:
Asset Insurance
Licensed platforms must maintain appropriate insurance or compensation arrangements for client virtual assets.
Regular Audits
Platforms must undergo independent audits to ensure financial transparency and compliance.
Fund Segregation
Client funds must be segregated from the platform's own funds to prevent misappropriation.
Cybersecurity
Platforms must implement stringent cybersecurity measures, including cold storage requirements.
Retail Investor Restrictions
The SFC imposes strict restrictions on which tokens retail investors can trade. Currently, retail clients on licensed platforms can only trade SFC-approved tokens. These typically include major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), plus a small number of other approved tokens.
This means if you want to trade a wider variety of tokens, you may need to use international exchanges. However, note that these platforms may not offer the same level of protection under Hong Kong regulations.
Licensed Platforms on Bitcoin.HK
Here are the SFC-licensed virtual asset trading platforms listed on Bitcoin.HK:
OSL
SFC-Licensed Exchange
Hong Kong's first SFC-licensed digital asset platform. Supports HKD deposits via bank transfer. Institutional-grade security with insurance coverage.
HashKey Exchange
SFC-Licensed Exchange
Licensed virtual asset trading platform in Hong Kong. Offers spot trading with HKD and USD pairs. Backed by HashKey Group with strong regulatory compliance.
Bullish
SFC-Licensed Exchange
SFC-licensed digital asset exchange backed by Block.one. Offers institutional-grade trading with deep liquidity, advanced order types, and HKD support.
Full List of Licensed Platforms
The SFC regularly updates its list of licensed virtual asset trading platforms. The above are only the platforms listed on Bitcoin.HK. For the complete list of all licensed platforms, visit the SFC Public Register.