Hong Kong Expands Crypto Landscape: Bullish Secures License, Bringing Total to 10 Exchanges
In a significant move for Hong Kong’s cryptocurrency sector, the Securities and Futures Commission (SFC) has granted a license to Bullish, a prominent crypto trading platform. This latest approval brings the total number of licensed crypto exchange platforms in the territory to 10, further solidifying Hong Kong’s position as an emerging digital asset hub.
Strategic Expansion
Bullish’s senior vice president and head of global sales, Michael Lau, emphasized the importance of Hong Kong as a crucial business center. With over 100 staff already based in the city, Bullish plans to focus its Hong Kong strategy on institutional business following the license acquisition.
Bullush’s Platform
Bullish combines elements of a central limit order book (CLOB) with an automated market maker (AMM) to create a unique hybrid system. This approach aims to:
Provide deep, deterministic liquidity.
Enable high-performance trading.
Offer near-zero spreads, even in volatile markets.
Advanced Trading Tools
The platform provides users with:
- Real-time market data
- Charting tools powered by TradingView
- Technical analysis indicators
Bullish incorporates DeFi-inspired features:
Users can deposit funds into liquidity pools.
Participants can earn yields by providing liquidity to the platform.
Security and Compliance
Licensed by the Gibraltar Financial Services Commission (GFSC)
Implements strong cryptographic safeguards.
Utilizes multi-factor authentication.
Operates as a full-reserve exchange, maintaining a 1:1 ratio of customer assets.
Consensus Event Highlights Hong Kong’s Crypto Ambitions
The licensing news coincides with Hong Kong hosting Consensus, the crypto industry’s major forum, for the first time outside the United States. The event, which began on February 17, 2025, and concludes today, February 19, is expected to attract approximately 8,000 attendees to the Hong Kong Convention and Exhibition Centre.
Regulatory Landscape
Hong Kong’s commitment to fostering a digital asset economy is evident in its evolving regulatory framework. The Hong Kong Monetary Authority is currently developing stablecoin regulations, recognizing their potential applications in traditional finance.
Future Outlook
The SFC continues to process applications from eight additional virtual asset trading platforms. Mr. Yip Chi Hang, executive director of the SFC’s intermediaries division, stated that while more licenses will be issued, only applicants meeting the required standards will be approved.
This development underscores Hong Kong’s ambition to become a leading crypto hub, following its initial plan outlined in 2022. The territory has since launched the first spot crypto exchange-traded funds in Asia and introduced various initiatives to promote blockchain innovation and attract digital asset businesses.
Angel Marinov is the Managing Editor at Coinlabz. With extensive knowledge of crypto payments and blockchain use cases, Angel is a trusted source of accurate and timely information
