Bitmart is taking application for Hong Kong Vasp license

The Crypto Exchange Bitmart has removed its application for a Virtual Asset Service Provider license in Hong Kong.

According to List Of virtual asset trading platforms maintained by the Hong Kong regulator, the Securities and Futures Commission (SFC), Bitmart removed its application on Thursday.

It followed similar decisions of other crypto trading platforms. Major Crypto Exchange Bybit applied last year but its application removed by the end of May 2024. Similarly, OKX removed its application by the end of May, As the gate did.

Number Cointelegraph reported at that timea wave of Crypto exchange Their applications were removed leading to a deadline to find the local regulator to expel all unlicensed platforms. This is a consequence of strict requirements for local crypto exchanges.

Related: Hong Kong warns of cheating risk after new Stablecoin rules

High requirements for Hong Kong crypto exchanges

Hong Kong Laws Requires any centralized crypto platform operating on territory or marketing with local SFC licensed investors. Licensing in need The platforms to maintain liquid properties equal to at least 12 months of operating costs and maintain at least 5 million dollars of Hong Kong ($ 641,490) amount of paid capital of sharing.

Moreover, 98% of client assets should remain in cold storage, and transfers are limited to whitelisted addresses only. Regulators require strict mainly management, and insurance should cover 100% of hot storage and 50% cold storage handling.

New policies for crypto keeping services approved earlier this month also Further tighten the controls and restrictions that rely on wise contracts For cold wallet management.

In 2025, Hong Kong awarded operating licenses to four crypto exchanges to the present: Pantherade, YaxBullish and bge. In total, 11 Crypto exchanges currently operate as Crypto licensed exchanges in Hong Kong, as shown below.

Related: Animoca and Standard Chartered Form Stablecoin Venture in Hong Kong

Hong Kong aims to become a crypto hub

Hong Kong develops a strict framework of crypto regulation to support a crypto industry, using its position as a financial hub. The approach is already carrying its fruits, with the CMB International Securities Limited, a China Merchants Bank (CMB) subsidiary – one of China’s leading banks – Recently launched an exchange of crypto in Hong Kong.

Hong Kong regulators also aim to establish a solid base of Stablecoin regulation, including the existence of Hong Kong financial authority That —finalize its regulation framework for stablecoin issues Earlier this month. This framework is also strictly enough to negatively affect some local companies.

As with crypto exchange policies, the introduction of the new Stablecoin framework led to associated local companies Posting of duplicate digits by August 1. The analysts at the time described the sell-off as a healthy correction, as the requirements for Stablecoin Issuing have proven to be more strict than expected.