According to a statement shared by Bybit, the cryptocurrency exchange is in the process of obtaining a “virtual asset trading platform” license in Hong Kong.
This application was submitted through Spark Fintech Limited and is currently being reviewed alongside 13 other applicants, including popular exchange OKX.
Obtaining this license in Hong Kong is a significant development for Bybit as it further solidifies its presence in the Asia Pacific region.
The city’s convenient location and established financial infrastructure make it an ideal base for serving institutional clients.
In comparison to China’s strict regulations on crypto trading and mining, Hong Kong has recently been more welcoming towards crypto businesses. Binance-linked HKVAEX also applied for the same license on January 4, according to the list of applicants released by the Securities and Futures Commission.
