Hong Kong Regulator Grants First New Crypto License in Eight Months

Securities and Futures Commission (SFC) has granted a virtual asset trading platform (VATP) license to Victory Fintech Company Limited, marking the first new approval since June 17, 2025 and ending an eight-month pause in licensing activity.

The decision signals renewed regulatory momentum in Hong Kong’s tightly controlled digital asset sector.

What the License Covers

Victory Fintech is now authorized to operate its digital asset trading platform, VDX, under Hong Kong’s regulated framework.

The approval allows the firm to conduct:

• Type 1 regulated activity – dealing in securities
• Type 7 regulated activity – providing automated trading services

Its subsidiary, VDX Custody Limited, is separately licensed to provide digital asset custody services.

Victory Fintech is affiliated with the publicly listed brokerage Victory Securities, linking the new crypto platform directly to a traditional financial services group.

Market Impact and Regulatory Landscape

With this approval, the total number of fully licensed crypto trading platforms in Hong Kong rises to 12.

The SFC has developed a reputation for strict oversight, with earlier approvals including:

• HashKey Exchange
• OSL Digital Securities
• Bullish

The regulator has also indicated plans to introduce perpetual contracts and margin financing for professional investors in 2026, potentially expanding product offerings while maintaining a controlled access structure.

The licensing of Victory Fintech suggests that Hong Kong’s digital asset framework remains active, selective, and institutionally aligned rather than expansionary by default.

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