The Virtual Asset Trading Platform (VATP) license issued by the Hong Kong government allows crypto exchanges to operate in the territory. However, currently only HashKey and OSL have this license, while some applicants such as HTX have been pending for some time. Yesterday, HTX withdrew its application. 📉

One of the previously planned expansion methods was the establishment of Huobi Hong Kong, due to China's dominance in the industry and the need to have a base of operations close to the action. However, this plan seems to have been abandoned. 😕

According to Hong Kong's financial regulator SFC, all crypto exchange platforms looking to do business in the city-state must submit their applications by February 29. This law went into effect in June 2023, leaving a lot of paperwork for crypto platforms. HTX applied on February 23 but withdrew its application.