The Hong Kong Virtual Asset Exchange (HKVAX) has received a license from the Hong Kong Securities and Futures Commission (SFC) to operate a virtual asset trading platform.
With this approval, HKVAX becomes the third licensed crypto exchange in the city and the first to be licensed under the crypto asset regulatory framework introduced two years ago.
HKVAX license
According to an October 4 statement shared with CryptoSlate, HKVAX received a Type 1 license for securities trading and a Type 7 license for providing automated trading services. The exchange also received a Money Laundering and Anti-Terrorism Financing Ordinance (AMLO) license from the SFC.
HKVAX specializes in security token offerings (STO), real-world asset (RWA) tokenization, over-the-counter (OTC) trading, and custody services. These features position it as one of the most regulated crypto asset platforms in Hong Kong.
HKVAX CEO Anthony Ng said these licenses reflect both the company and Hong Kong’s dedication to becoming a leader in the virtual asset space.
Ng said he believes the innovations in STO and RWA will reshape traditional financial markets by increasing liquidity and creating new opportunities. This goal is in line with Hong Kong’s ambition to cement its position as a global financial hub.
Co-founder Sam Fok similarly echoed this view, noting that licensing is just the beginning of the company’s expansion. He added that this approval elevates HKVAX from just an exchange to a “comprehensive ecosystem.”
HKVAX forms strategic partnerships with key industry players including brokers, money service operators (MSOs), exchange-traded fund (ETF) issuers, stablecoin providers, and other crypto asset platforms to drive growth I’m doing it. These collaborations aim to foster a dynamic virtual asset ecosystem and contribute to the ongoing financial innovation in Hong Kong.
Hong Kong regulatory regime
The approval of HKVAX is in line with Hong Kong’s continued efforts to enhance its position as a leader in the virtual asset market, especially for retail investors.
Over the years, the city has introduced strict regulations that have forced several global exchanges, including Binance and HTX, to exit the region. Notably, prior to HKVAX’s approval, only two local companies were allowed to serve retail customers: HashKey Group and OSL.
However, the regulator has given 11 platforms a “deemed to be licensed” status, allowing them to continue operating while they seek full approval from the SFC.
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