Nikolas Sargeant
Hong Kong's virtual asset sector has achieved a significant milestone as Bullish becomes the tenth licensed crypto trading platform, following approval from the Securities and Futures Commission (SFC) on Tuesday. The Gibraltar-headquartered exchange, led by former NYSE President Tom Farley, plans to leverage its new license to serve institutional clients in the region, with over 100 employees already based in Hong Kong.
Institutional Backing Drives Market Growth
Bullish's entry into Hong Kong's regulated crypto space is backed by an impressive roster of investors, including Peter Thiel's investment firms, hedge fund managers Alan Howard and Louis Bacon, and Hong Kong billionaire Richard Li. The platform, a subsidiary of Block.one, further demonstrated its industry ambitions by acquiring CoinDesk for $75 million in November 2023, with additional support from Galaxy Digital and Nomura.
Regulatory Framework Shapes Digital Asset Future
The SFC's accelerated licensing program marks a significant shift in Hong Kong's crypto regulatory landscape. From the initial approvals of OSL and HashKey in 2020 and 2023, respectively, the commission expanded its licensed platforms to include four additional exchanges in December 2024: Accumulus GBA Technology, DFX Labs, Hong Kong Digital Asset EX, and Thousand Whales Technology (BVI).
This regulatory momentum continues as eight more platforms, including prominent names like Crypto.com, Matrixport, and WhaleFin, await SFC approval. The increasing number of licensed exchanges reflects Hong Kong's commitment to establishing itself as a leading hub for regulated digital asset trading while maintaining robust oversight standards.
Under SFC CEO Julia Leung's leadership, the commission's proactive approach to licensing suggests further growth in Hong Kong's virtual asset sector, as the city balances innovation with regulatory compliance. This strategic expansion of licensed platforms positions Hong Kong at the forefront of regulated crypto trading in Asia.
