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The Hong Kong Securities and Futures Commission (SFC) has issued virtual asset trading platform licenses to 12 licensed platforms—what is the impact on the market?

The SFC's issuance of licenses to VDX marks a significant step forward in Hong Kong's efforts to build a global digital asset hub. This licensing not only recognizes VDX's compliance capabilities but also sends a clear regulatory signal to promote industry "normalization and expansion," positively influencing cryptocurrency market sentiment and long-term development.

1. Policy Shift Clarified, Boosting Market Confidence

Breaking the Approval Silence: After the end of the transition period in June 2024, the SFC resumed licensing after 8 months, with VDX becoming the first approved institution in this new phase. This move strongly signals a shift from "cautious tightening" to "orderly opening," effectively alleviating previous uncertainties caused by licensing stagnation.

Gradual Improvement of the Regulatory Framework: The regulator has completed transition period cleanup, anti-money laundering mechanism development, and is advancing legislation for the Stablecoin Regulations and new asset management licenses, clearing obstacles for institutional capital entry. Policy continuity has strengthened global investor trust in the Hong Kong market.

2. Traditional Finance Accelerates Integration, Enhancing Market Depth

Licensed Broker-Dealer-Led Ecosystem: VDX is affiliated with Victory Securities (08540.HK), whose parent company has established a "securities + virtual assets" synergistic layout. The involvement of traditional financial institutions like Guotai Junan International indicates that virtual assets are being integrated into mainstream finance, bringing more stable capital flows and professional risk control.

Business Scope Expansion: VDX not only provides trading services but also holds a digital asset custody license through its subsidiary VDX Custody Limited, creating a "trading—custody" closed loop. This full-chain service capability will attract more institutional investors, increasing market liquidity and risk resilience.

3. Industry Matthew Effect Emerges, Favoring Licensed Platforms

Compliance Benefits: Currently, only 12 licensed platforms operate in Hong Kong, with unlicensed entities required to exit by May 31. Licensed institutions will enjoy brand endorsement, priority in fund settlement, and business expansion, encouraging user and asset concentration on compliant platforms.

Optimized Ecosystem Competition: As platforms like OSL and VDX form a compliance matrix, the market shifts from "wild growth" to "high-quality development." Strengthened investor protection mechanisms will help attract long-term capital rather than short-term speculation.

4. Potential Impact on Cryptocurrency Market Trends

Short-term Sentiment Catalysis: The license issuance directly boosts related concept stocks, such as Victory Securities and A-share digital finance targets (e.g., Yuyin Shares, Sifang Jingchuang), which may attract capital attention. Similar to the previous case where Guotai Junan International's stock doubled in a single day after licensing, some of this momentum may recur.

Medium-term Liquidity Improvement: The SFC allows licensed platforms to share order books with overseas exchanges, connecting global liquidity pools. Local investors can enjoy better quotes and depth, increasing trading activity for mainstream cryptocurrencies like BTC and ETH.

Long-term Structural Opportunities: Stablecoin licenses are expected to be issued by March 2026, with 36 applications already submitted. Once the issuance mechanism is clarified, it will trigger demand for compliant exchanges, cross-border payments, and RWA (real-world asset tokenization), driving a revaluation of underlying infrastructure companies.