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The regulatory system for virtual asset trading platforms in Hong Kong is set to take effect on June 1, 2024. This agreement indicates a shift from the previous model where trading platforms voluntarily participated in regulation, to a requirement for trading platforms to apply for a license from the Securities and Futures Commission (SFC) in order to operate virtual asset trading services. The announcement of this agreement has reignited public discussion about the legality of cryptocurrency trading in Hong Kong. Now that we have entered 2024, is virtual currency trading in Hong Kong legal? According to current data analysis, it is currently in a legal state. Next, I will provide a detailed discussion on virtual currency trading in Hong Kong.

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Is virtual currency trading in Hong Kong legal now?
Virtual currency trading in Hong Kong is legal. On May 23, 2024, the Hong Kong Securities and Futures Commission (SFC) provided a detailed summary of consultations involving various sectors regarding virtual asset trading, announcing that the "Guidelines for Virtual Asset Trading Platform Operators" will take effect on June 1, 2024.

Hong Kong is a vibrant financial center with a mature financial market and regulatory system. Under the current regulatory framework, virtual asset trading platforms and digital asset traders must comply with the regulations set by the SFC. These regulations aim to protect investors' rights and prevent money laundering and other financial crimes.

According to the SFC's guidance, platforms and traders engaged in virtual asset trading need to apply for and obtain approval or permission from the SFC. This means that virtual asset trading platforms operating in Hong Kong must adhere to regulatory requirements and be subject to oversight by regulatory authorities. Investors should also choose compliant trading platforms for Bitcoin trading to ensure the safety and transparency of transactions.

What virtual currency exchanges are there in Hong Kong?
Currently, the virtual currency exchanges in Hong Kong include OSL Exchange, HashKey Exchange, BGE, HKbitEX, HKVAX, VDX, and Meex. Here are detailed introductions to the exchanges:

1. OSL Exchange
   OSL is a member of BC Technology Group (Hong Kong Stock Exchange stock code: 863) and is a leading digital asset platform in Asia, providing wholesale brokerage services, digital asset custody services, electronic trading platforms, and software as a service (SaaS) for institutional clients and professional investors. The company offers over-the-counter trading, smart pricing systems, and electronic trading services, providing clients with a high-liquidity trading platform and secure custody wallet services to ensure the safe storage of digital assets and timely transaction settlement.

2. HashKey Exchange
   HashKey Exchange is committed to providing customers with a compliant and secure digital asset trading platform, holding licenses for Type 1 (securities trading) and Type 7 (providing automated trading services) issued by the SFC, and will continue to strive to meet the highest regulatory standards. HashKey Exchange focuses on compliance construction and protecting customer safety. It is dedicated to sustainable growth and aims to become a globally reputable and fully compliant digital asset ecosystem.

3. BGE
   BGE was established in 2021 and is a wholly-owned subsidiary of the listed company HKE Holdings, providing digital asset trading services primarily to professional and institutional investors.

4. HKbitEX
   HKbitEX is a leading digital asset exchange headquartered in Hong Kong, dedicated to providing compliant and regulated digital asset spot trading and over-the-counter trading platforms for global professional investors. HKbitEX is one of the first institutions in the Asia-Pacific region to apply for a "virtual asset trading platform license" from the Hong Kong Securities and Futures Commission (SFC), which will further enable us to provide compliant, safe, and reliable digital asset trading services to a wide range of investors.

5. HKVAX
   HKVAX has been committed to building a smart, secure, seamless, and reliable virtual asset ecosystem that meets regulatory requirements, providing a top-notch virtual asset trading experience to meet user needs. HKVAX is committed to bringing together financial institutions, professional investors, and alliance partners to move towards compliance development in the virtual asset industry.

6. VDX
   VDX is building a globally leading digital asset platform, dedicated to providing standardized, reliable, secure, and fair services to global investors and financial institutions. VDX Connect offers customized solutions in the areas of regulation, compliance, trading, and risk reporting. VDX connects traditional finance and digital finance, providing a trusted gateway for brokers, banks, fund managers, and family offices to access the digital asset space in a compliant manner.

7. Meex
   Meex has a security team composed of top global experts, capable of providing military-grade security storage and protection for your assets. From its inception in Hong Kong, Meex has firmly believed that in the world of virtual assets, security is essential to earning customer trust, and compliance is crucial for sustainable development. From the technical foundation to corporate governance, safety and compliance are established as principles and foundations, striving to ensure that customers can enjoy the virtual asset world with greater peace of mind.

The above content answers the question of whether virtual currency trading is legal in Hong Kong. In addition to trading virtual currencies on exchanges, users can also use virtual currency ATMs. Virtual currency ATMs are automated machines that allow users to buy or sell cryptocurrencies in the real world, similar to traditional bank ATMs, providing a convenient way for users to purchase virtual currencies with cash or bank cards or convert virtual currencies into cash. Regardless of which trading platform is chosen, investors must ensure the security of the trading environment and the protection of personal information.