Bybit, a global cryptocurrency exchange, has officially applied for a license to operate in Hong Kong.
The application was submitted amid Hong Kong’s evolving regulatory landscape for digital assets.
The exchange, known for offering crypto derivatives trading, is looking to tap into the Hong Kong market, which has shown a growing interest in cryptocurrencies.
The city is seen to be establishing a clear regulatory framework for crypto businesses and its government has taken a welcoming stance towards digital asset exchanges that are willing to operate under its regulatory guidelines.
Hong Kong last year reversed its stance on retail cryptocurrency trading, which was previously only permitted to professional investors.
Hong Kong has previously voiced intentions to become a regional hub for digital assets, but it has been cautious in its license approval.
Since opening to the retail sector last August, only two exchanges, OSL and HashKey, have been given approvals by the city’s securities regulator to provide crypto trading services to retail investors.