The virtual asset landscape in Hong Kong continues to evolve rapidly as the Securities and Futures Commission (SFC) announced on December 18 the issuance of licenses to four new virtual asset trading platforms (VATPs) under its fast-track licensing process. The newly licensed platforms—Cloud Account Greater Bay Area Technology (Hong Kong), DFX Labs, Hong Kong Digital Asset Exchange Group, and Thousand Whales Technology—bring the total number of regulated exchanges in the region to seven.
This strategic expansion reflects Hong Kong’s growing commitment to establishing a secure, compliant, and innovation-driven digital asset ecosystem. With increasing institutional interest and regulatory clarity, these platforms are poised to play a crucial role in shaping the future of crypto trading in Asia.
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Hong Kong Digital Asset Exchange Group: Backed by Institutional Capital
HKbitEX, operated by Hong Kong Digital Asset Exchange Group Limited, was founded in 2019 with a mission to provide professional global investors with compliant, regulated spot and over-the-counter (OTC) digital asset trading services.
The company is backed by Tai Chi Capital Group, a fintech and Web3-focused firm with core operations spanning tokenized asset management, capital markets, wealth management, and Web3 SaaS development. In September 2023, Tai Chi Capital launched Hong Kong’s first real estate fund Security Token Offering (STO), issuing the tokenized product PRINCE through its subsidiary Pioneer Asset Management. The closed-end fund aimed to raise approximately HK$100 million, marking a significant milestone in asset tokenization.
Founded by Gao Han, a former Hong Kong Exchange (HKEX) executive responsible for promoting mainland initiatives like Stock Connect and Bond Connect, Tai Chi Capital has attracted several ex-HKEX leaders. This institutional pedigree strengthens HKbitEX’s credibility and regulatory alignment.
HKbitEX has secured substantial funding over multiple rounds:
- December 2020: Raised $10 million in an A2 round led by Axion Global Investment Limited (a subsidiary of ANTS International) and Hanwha Asset Management, with participation from Draper Dragon Fund, Jianfeng Capital, Lenovo Ventures, and Lighthouse Canton.
- November 2021: Closed a $9 million Pre-B round at a $300 million valuation.
These investments highlight strong confidence in HKbitEX’s vision of building a regulated gateway for institutional crypto trading in Asia.
Cloud Account Greater Bay Area Technology: Tied to China’s Largest Online HR Platform
The Accumulus platform is operated by Cloud Account Greater Bay Area Technology (Hong Kong) Limited, which began operations in April 2023 and submitted its SFC license application before year-end.
As the sole overseas headquarters of Cloud Account, this entity benefits from significant cross-border support. The parent group has secured a RMB 985 million (approximately USD 137 million) outbound direct investment quota approved by China’s National Development and Reform Commission (NDRC), enabling strategic expansion into Web3.0 services from its Hong Kong base.
Cloud Account is recognized as China’s largest online human resources services provider, serving 110 million gig economy workers across 138 countries. Its robust infrastructure and compliance framework have earned it a spot on the "2024 China’s Top 500 Enterprises" list, with reported revenues exceeding RMB 108.4 billion.
This scale and regulatory experience position Accumulus as a formidable player in bridging traditional finance with digital assets, particularly in payroll-linked crypto solutions and enterprise-grade blockchain applications.
DFX Labs: Experienced Blockchain and Fintech Leadership
DFX Labs Company Limited stands out for its seasoned team with deep roots in blockchain technology and financial innovation. As one of the last applicants under the initial wave of VATP submissions, DFX Labs brings together experts from top-tier institutions.
Key leadership includes:
- Simon Au Yeung, Chief Operating Officer, formerly CEO of Blockchain Finance and BGE Exchange, as well as Co-Chair of IEEE Hong Kong.
- David H., Chief Technology Officer, with prior experience at Morgan Stanley, Dell Technologies, and HashKey Group.
This blend of Wall Street rigor and crypto-native expertise enables DFX Labs to prioritize security, scalability, and regulatory compliance—critical factors for gaining user trust in a maturing market.
Their focus appears to be on developing advanced trading infrastructure and risk management tools tailored for both retail and institutional clients navigating volatile digital asset markets.
EX.IO: The Only Licensed Platform with Brokerage Roots
EX.IO, formerly known as xWhale, is operated by Thousand Whales Technology (BVI) Limited. It holds the distinction of being Hong Kong’s first and only licensed virtual asset platform with direct ties to a licensed securities broker.
The platform emerged from a strategic partnership between Web3 startup BusyWhale and Wonder Capital, an internet brokerage backed by Sina Corporation—the parent company of Weibo. Additional investors include Longling Capital and WeSure Financial Technology (stock code: 2003).
This unique structure allows EX.IO to integrate traditional brokerage capabilities—such as margin trading, portfolio management, and KYC frameworks—with next-generation crypto services. By leveraging Wonder Capital’s existing financial licenses and compliance systems, EX.IO achieves faster regulatory alignment while offering hybrid financial products that appeal to both crypto natives and traditional investors.
Frequently Asked Questions
Q: How many virtual asset trading platforms are now licensed in Hong Kong?
A: As of December 18, there are seven licensed virtual asset trading platforms regulated by the SFC under the new licensing regime.
Q: What is the significance of the fast-track licensing process?
A: The fast-track process allows qualified platforms that were already operating before June 2023 to expedite their licensing if they meet strict compliance, custody, and risk management standards.
Q: Are these platforms open to retail investors?
A: While some platforms like HashKey and OSL have begun offering services to retail users under strict conditions, others may initially focus on professional or institutional clients depending on their business model and risk framework.
Q: What are Security Token Offerings (STOs)?
A: STOs involve issuing blockchain-based tokens that represent ownership in real-world assets like real estate or equity. They are subject to securities regulations, offering greater legal clarity than typical crypto offerings.
Q: Why is Hong Kong pushing for regulated crypto exchanges?
A: Hong Kong aims to become a global hub for Web3 and fintech innovation while maintaining financial stability. Regulated exchanges help prevent fraud, protect investors, and attract institutional capital.
Q: Can mainland Chinese investors use these platforms?
A: Due to current PRC regulations restricting cryptocurrency transactions, direct access for mainland residents remains limited. However, offshore-based users with international accounts may participate where compliant.
Hong Kong's latest move to license four additional virtual asset platforms signals a clear intent: to build a transparent, secure, and globally competitive digital finance ecosystem. With diverse players ranging from HR-tech giants to broker-backed innovators, the market is diversifying rapidly.
As regulatory frameworks solidify and user adoption grows, these platforms will likely serve as gateways for institutional capital into blockchain-based finance. Whether through tokenized real-world assets or hybrid brokerage models, the integration of crypto into mainstream finance is accelerating—with Hong Kong positioning itself at the forefront.