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With crypto regulation dominating headlines this year, Hong Kong is opening its doors wider, kickstarting efforts to embrace and drive crypto adoption forward.

The Hong Kong Securities and Futures Commission (SFC) has revealed plans of approving more crypto exchanges to operate in Hong Kong by the end of the year, according to the regulators CEO, Julia Leung. 

In an interview with a local outlet, HK01, the SFC CEO revealed that 11 platforms that applied for a license have undergone on-site reviews. She further stated they are taking action to ensure the regulatory framework will be completed by next year.

After the first phase of the onsite review, Julia Leung claimed the applicants have been asked to make rectifications. SFC’s CEO mentioned that the new issuance of the licenses will be made in batches. 

So far, 16 companies are awaiting a decision on their Virtual Asset Trading Platform (VATP) applications, with the 11 already operating under a "deemed licensed" status despite warnings from the Securities and Futures Commission (SFC) against trading with them.

According to Leung, firms that meet the licensing requirements will have their applications approved, while those failing to comply will lose their chance at licensing.

These updates align with the SFC's newly released roadmap for 2024-2026, which focuses on tighter crypto regulations, promoting tokenization of real-world assets, and exploring blockchain advancements.