Hong Kong has received applications from 22 crypto firms for a license that would allow them to operate as crypto exchanges offering retail trading services, as Hong Kong continues its drive to become a regional crypto hub.

The city's Securities and Futures Commission has received applications from 22 firms — including OKX, Bybit, Bullish, Crypto.com, Huobi HK, Matrixport HK and Gate.HK — before the application deadline of Feb. 29, according to the SFC’s website. HKVAEX, a crypto platform reportedly linked to Binance, also submitted its application.

Hong Kong has already granted licenses to two platforms — namely HashKey and OSL — since it officially started the licensing regime last year. Crypto platforms operating in Hong Kong that fail to submit license applications will need to …