The People's Bank of China has praised Hong Kong for its advancements in implementing cryptocurrency licensing, despite regulatory changes in both mainland China and internationally. Hong Kong remains one of the more crypto-friendly cities, even as 51 nations have banned cryptocurrencies. The Hong Kong Securities and Futures Commission (SFC) has been regulating and licensing virtual assets, enforcing a unique dual license system for digital asset exchanges. Major financial institutions like HSBC and Standard Chartered Bank are required to incorporate virtual asset platforms into their customer monitoring processes, and crypto asset businesses must seek licenses from the SFC. Four new crypto exchanges were licensed in December, and the SFC has received nearly 30 license applications this year. However, some institutions have pushed back against the SFC's regulatory requirements, with several major platforms withdrawing their applications.



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