The Securities and Futures Commission (SFC) of Hong Kong has granted a virtual asset trading platform (VATP) license to Victory Fintech Company Limited, according to an official announcement. This marks the first new approval since June 17, 2025, ending an eight-month pause in licensing activity and bringing the total number of fully licensed crypto trading platforms in Hong Kong to 12.
The license authorizes Victory Fintech to operate its VDX trading platform and conduct Type 1 (dealing in securities) and Type 7 (providing automated trading services) regulated activities. Its subsidiary, VDX Custody Limited, is separately licensed to provide digital asset custody services. The firm is affiliated with the publicly listed traditional brokerage Victory Securities, linking the new crypto platform directly to established financial services.
The approval signals renewed regulatory momentum in Hong Kong's tightly controlled digital asset sector. Since June 2024, authorities have treated unlicensed virtual asset trading as a criminal offense, leading to the shutdown or withdrawal of several exchanges, including OKX and Bybit. The SFC has developed a reputation for strict oversight, with earlier licensed platforms including HashKey Exchange, OSL Digital Securities, and Bullish.
In a related development, the SFC recently issued guidance allowing licensed brokers to provide virtual asset margin financing. Initially, only Bitcoin (BTC) and Ether (ETH) are eligible as collateral. The regulator also outlined a framework for trading platforms to offer perpetual contracts to professional investors, with plans to formally introduce these products in 2026.
While the licensing framework is active, it remains selective. Hong Kong's Monetary Authority has listed no licensed stablecoin issuers as of this week. Furthermore, Hong Kong's Secretary for Financial Services and the Treasury, Christopher Hui, stated in January that regulators plan to submit a draft ordinance for crypto advisory service providers sometime in 2026.
