HKVAX becomes third crypto exchange licensed in Hong Kong

Hong Kong Virtual Asset Exchange (HKVAX) has secured licensing from Hong Kong’s Securities and Futures Commission (SFC) to run a virtual plus trading platform.

The support makes HKVAX the 3rd licensed crypto speech successful the metropolis and the archetypal to beryllium authorized nether the virtual plus regulatory framework introduced 2 years ago.

HKVAX licensing

According to an Oct. 4 connection shared with CryptoSlate, HKVAX obtained a Type 1 licence for securities trading and a Type 7 licence for offering automated trading services. The speech besides acquired an Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO) licence from the SFC.

HKVAX specializes successful Security Token Offerings (STO), Real-World Asset (RWA) tokenization, over-the-counter (OTC) trading, and custody services. These capabilities presumption it arsenic 1 of the astir regulated virtual plus platforms successful Hong Kong.

HKVAX CEO Anthony Ng stated that these licenses bespeak some the company’s and Hong Kong’s dedication to becoming leaders successful the virtual plus space.

Ng stated that helium believes STO and RWA innovations volition reshape accepted fiscal markets by boosting liquidity and creating caller opportunities. This extremity aligns with Hong Kong’s ambitions to solidify its lasting arsenic a planetary fiscal hub.

Similarly, Co-founder Sam Fok echoed this view, noting that the licenses are lone the opening of the firm’s expansion. He added that the support elevates HKVAX from a elemental speech to a “comprehensive ecosystem.”

HKVAX is forming strategical partnerships with cardinal manufacture players, including brokers, Money Service Operators (MSOs), Exchange-Traded Fund (ETF) issuers, stablecoin providers, and different virtual plus platforms to further its growth. These collaborations purpose to foster a dynamic virtual plus ecosystem, contributing to Hong Kong’s ongoing fiscal innovation.

Hong Kong’s regulatory regime

HKVAX’s support aligns with Hong Kong’s ongoing propulsion to thrust its presumption arsenic a person successful the virtual plus market, particularly for retail investors.

Over the years, the metropolis has introduced strict regulations that person pushed respective planetary exchanges—including Binance and HTX—to withdraw from the region. Notably, lone 2 section firms—HashKey Group and OSL—were allowed to service retail customers earlier HKVAX’s approval.

However, the regulator has labeled 11 platforms with a “deemed to beryllium licensed” status, which allows them to proceed operating portion they question afloat support from the SFC.

The station HKVAX becomes 3rd crypto speech licensed successful Hong Kong appeared archetypal connected CryptoSlate.