Hong Kong's financial regulator has granted its third license to a cryptocurrency trading platform under its new licensing system.
The regulator, the Hong Kong Securities and Futures Commission, plans to approve more platforms on its "deemed-to-be-licensed" list by the end of the year.
This news comes after earlier approvals were granted to OSL and HashKey. The SFC has conducted initial on-site inspections of 11 applicant platforms and has asked them to make the necessary adjustments.
The regulator's goal is to see progress by the end of the year, including batch licensing.
The pledge of future approvals follows critiques of Hong Kong's existing regulations being too strict, which is potentially hindering its aspiration of becoming a center for crypto and web3 innovation.
In a report released in August, it was revealed that the regulator had identified "unsatisfactory practices" at certain exchanges.