Crypto exchange Bybit has formally applied for a license in Hong Kong to operate a “virtual asset trading platform,” according to a statement released.
The Hong Kong Securities and Futures Commission’s website stated that Bybit has officially applied for a license through Spark Fintech Limited.
The regulatory body is currently in the process of reviewing applications from 14 cryptocurrency companies, including OKX, which submitted its application on November 16, as per the information on the website.
“Obtaining a VATP license in Hong Kong is a significant step for Bybit,” the exchange said in the statement.
The exchange added, “The city’s strategic location and established financial infrastructure make it an ideal base for our operations and institutional clients, serving the Asia Pacific region.”
Additionally, HKVAEX, a crypto platform reportedly affiliated with Binance, has also applied for the same license on January 4, according to the SFC’s list of applicants.
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