On January 27, 2025, the SFC issued its initial licenses for crypto trading, allowing only Bitcoin (BTC), Ether (ETH), Avalanche (AVAX), and Chainlink (LINK). This raises questions regarding the regulatory position on XRP, with two exchanges licensed during this phase.
The SFC plans to approve more trading platforms after thorough compliance checks. Despite prior licenses granted to various platforms, the delays and exclusion of XRP highlight the cautious approach taken by Hong Kong regulators in the evolving crypto landscape.