The cryptocurrency exchange BitMart has withdrawn its application for a virtual asset service provider license in Hong Kong.
According to the list of virtual asset trading platforms published by the Hong Kong Securities and Futures Commission (SFC), BitMart withdrew its application on Thursday. Previously, several mainstream cryptocurrency exchanges made similar decisions.
As reported by Cointelegraph at the time, multiple cryptocurrency exchanges proactively withdrew their applications before the regulatory deadline, after which local regulators removed all unlicensed platforms. The situation arose due to the strict regulatory requirements that local cryptocurrency exchanges must meet in Hong Kong.
Hong Kong law requires any centralized cryptocurrency platform operating locally or promoting to local investors to obtain an SFC license. License applicants must hold liquid assets equivalent to at least 12 months of operating expenses, as well as a paid-up capital of no less than HKD 5 million (USD 641,490).
Additionally, platforms must store 98% of customer assets in cold wallets, and transfers are limited to whitelisted addresses. Regulators also require strict key management protocols and mandate that insurance must cover all hot wallet assets and half of cold wallet assets.
New regulations on cryptocurrency custody services passed earlier this month further tightened management and prohibited reliance on smart contracts for cold wallet management.
As of 2025, Hong Kong has issued operating licenses to four cryptocurrency exchanges: PantherTrade, YAX, Bullish, and BGE. Currently, there are 11 licensed cryptocurrency exchanges in Hong Kong, as listed below:
Hong Kong is refining a strict regulatory framework for cryptocurrencies to support the development of the cryptocurrency industry and leverage its advantages as a financial center. This strategy has begun to show results, as CMB International Securities Limited recently launched a cryptocurrency exchange in Hong Kong.
Hong Kong regulators also plan to establish a robust regulatory system for stablecoins, with the Hong Kong Monetary Authority having completed a regulatory framework for stablecoin issuers earlier this month. This framework is also extremely strict, impacting some local businesses.
Similar to the regulation of cryptocurrency exchanges, local companies experienced double-digit losses on August 1 following the introduction of new stablecoin regulations. Analysts believe this round of sell-off represents a healthy adjustment, primarily due to regulatory requirements facing stablecoin issuers exceeding market expectations.
Related: Trump Media Technology Group to establish CRO treasury company through $6.42 billion deal with Crypto.com
Original article: “BitMart Withdraws Hong Kong Virtual Asset Service Provider (VASP) License Application”
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