The Hong Kong Securities and Futures Commission has received applications from 22 companies seeking a license to operate as crypto exchanges.
These companies include such well-known names as OKX, Bybit, Bullish, Crypto.com or Huobi HK.
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Of these, two platforms, HashKey and OSL, have already been licensed since the licensing regime was officially launched last year.
Cryptocurrency platforms operating in Hong Kong that fail to submit their license applications by the end of March will be required to cease trading.
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In addition to overseeing cryptocurrency trading, Hong Kong is also taking steps to regulate the issuance of stablecoins.