Hong Kong-based virtual asset trading platform HKVAEX has applied for a license with the Securities and Futures Commission (SFC), joining other recent applicants such as Panthertrade and OKX in seeking regulatory approval under Hong Kong's new crypto regulatory framework. The new framework, which permits retail investors to engage in virtual asset trading, has democratized access to digital assets and spurred the SFC to begin issuing licenses to crypto exchanges. The world's largest cryptocurrency exchange, Binance, is reportedly behind the establishment of HKVAEX, although the platform has maintained its independence and commitment to applying for the SFC's virtual asset trading platform license. The JPEX scandal has accelerated the SFC's efforts to approve cryptocurrency products to bolster industry compliance, while regulatory bodies are increasingly monitoring non-compliant platforms and curbing aggressive advertising tactics.