SFC Grants Victory Fintech (VDX) Hong Kong Crypto License, Ending 8‑Month Pause
Hong Kong’s Securities and Futures Commission (SFC) has approved a virtual asset trading platform (VATP) licence for Victory Fintech, operator of the VDX exchange — the first new SFC crypto licence in eight months. The approval raises the number of SFC‑licensed VATPs to 12 under the licensing regime launched in June 2023. Victory Fintech passed SFC assessments for corporate governance, custody, cybersecurity, AML controls and capital requirements and may now offer trading services to retail and professional investors under ongoing supervision. Analysts say the decision shows the SFC remains selective but active, prioritising operational resilience and investor protection. The approval could encourage other applicants and strengthen Hong Kong’s position as a regulated crypto hub by lowering counterparty risk and potentially attracting institutional interest. Key points for traders: total licensed VATPs = 12; regime start = June 2023; latest licence = Victory Fintech (VDX) — April 2025. Regulatory focal areas going forward include staking services, tokenised securities guidance, cross‑border coordination, and monitoring licensed platforms’ compliance and performance. This development is regulatory rather than token‑specific and contains no immediate market‑moving listings or trading pairs.
Neutral
The approval is a regulatory development that improves the institutional credibility of the licensed platform (VDX) and Hong Kong’s regulated ecosystem, but it does not concern a specific token or immediate listings. For traders, the short‑term price impact on any individual cryptocurrency is likely negligible because no token listings or new trading pairs were announced. In the medium to long term, the licence could be mildly bullish for trading volumes and institutional participation on licensed platforms by lowering counterparty and custody risk; this may support wider market confidence in regulated venues. However, the SFC’s selective approach limits the rate of new entrants, so any market expansion will be gradual. Overall, the news reduces regulatory uncertainty for Victoria Fintech/VDX and Hong Kong‑listed platforms (positive for venue trust) but does not directly move crypto prices, so the market impact is best classified as neutral.