HKVAX becomes third crypto exchange licensed in Hong Kong

Hong Kong Digital Asset Change (HKVAX) has obtained a license from the Hong Kong Securities and Futures Fee (SFC) to function a digital asset buying and selling platform.

The approval makes HKVAX the third licensed crypto change within the metropolis and the primary to be licensed below the digital belongings regulatory framework launched two years in the past.

HKVAX licenses

Based on an October 4 assertion shared with CryptoSlateHKVAX has obtained a Sort 1 license for securities buying and selling and a Sort 7 license for the supply of automated buying and selling companies. The change additionally acquired an Anti-Cash Laundering and Counter-Terrorist Financing Ordinance (AMLO) license from the SFC.

HKVAX focuses on Safety Token Gives (STO), Actual-World Asset (RWA) tokenization, over-the-counter (OTC) buying and selling and custody companies. These capabilities place it as one of the crucial regulated digital asset platforms in Hong Kong.

HKVAX CEO Anthony Ng said that these licenses replicate the dedication of each the corporate and Hong Kong to develop into leaders within the digital belongings house.

Ng said that he believes STO and RWA improvements will reshape conventional monetary markets by boosting liquidity and creating new alternatives. This objective is consistent with Hong Kong’s ambitions to strengthen its place as a worldwide monetary heart.

Likewise, co-founder Sam Fok echoed this sentiment, noting that the licensing is just the start of the corporate’s growth. He added that the approval elevates HKVAX from a easy change to a “complete ecosystem.”

HKVAX is forming strategic partnerships with key trade gamers together with brokers, Cash Service Operators (MSOs), Change-Traded Funds (ETF) issuers, stablecoin suppliers and different digital asset platforms to gasoline development. These collaborations goal to foster a dynamic digital asset ecosystem, contributing to Hong Kong’s continued monetary innovation.

Hong Kong’s regulatory regime

The approval of HKVAX is consistent with Hong Kong’s continued efforts to strengthen its place as a pacesetter within the digital asset market, particularly for retail buyers.

Through the years town has launched itself strict rules which have stimulated a number of international exchanges together with Binance And HTX—Disagreeable withdraw from the area. Notably, solely two native firms – HashKey Group and OSL – had been allowed to serve residential prospects earlier than HKVAX authorized it.

Nevertheless, the regulator has labeled 11 platforms with ‘deemed licensed’ standing, permitting them to proceed working whereas they search full approval from the SFC.

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