Hong Kong’s ambition to become a global cryptocurrency hub has attracted licence applications from 24 companies, including notable firms like Bybit, OKX, and Crypto.com, aiming to operate digital asset exchanges within the city. Presently, only HashKey Exchange and OSL Group are authorised to function as virtual asset trading platforms (VATPs) in Hong Kong. The Securities and Futures Commission (SFC) specified that the application deadline for VATPs was 29 February 2024. Following this cutoff, VATPs operating without a licence must shut down by 31 May 2024. This move is part of Hong Kong’s strategy to regulate its cryptocurrency market and establish itself as a major centre for digital asset trading and innovation.