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News

HKVAX Now Is Now Licensed To Officially Operate Digital Asset Services In Hong Kong

August 11, 2023 - Around 2 mins mins to read

Key Points:

  • Hong Kong’s HKVAX secures a third virtual asset license endorsed by SFC.
  • HKVAX introduces groundbreaking OTC, exchange, and custody services.
  • Regulatory changes reflect the city’s dedication to evolving the virtual asset landscape.
Hong Kong Virtual Asset Exchange (HKVAX) has secured preliminary approval from the Securities and Futures Commission (SFC) to engage in regulated activities encompassing Type 1 (securities dealing) and Type 7 (automated trading services).
HKVAX Now Is Now Licensed To Officially Operate Digital Asset Services In Hong Kong

This landmark move positions HKVAX as the third licensed virtual asset operator in Hong Kong, following in the footsteps of OSL and HashKey.

The journey towards this achievement began in 2018 when HKVAX initiated discussions with the SFC, culminating in its formal application for licensure in 2019.

Upon final endorsement of its Type 1 and Type 7 licenses, HKVAX is poised to introduce three foundational offerings. Firstly, an Over-the-Counter (OTC) brokerage characterized by competitive spreads and robust liquidity facilitates seamless transactions between fiat currencies and virtual assets.

Secondly, an institutional-grade exchange platform will cater to advanced trading needs. Lastly, a 100% insured custody solution with stringent access controls and a clear distinction between client and house assets will reinforce trust.

This development comes on the heels of the Hong Kong Government and the SFC announcing forthcoming regulatory amendments designed to establish a resilient framework for the sustainable growth of the virtual asset industry.

Moreover, from early 2022 onwards, registered institutions and licensed corporations are mandated to collaborate exclusively with SFC-licensed virtual asset exchange platforms for pertinent trading services.

These shifts underscore Hong Kong’s dedication to nurturing financial innovations, reinforcing its commitment to the virtual asset and Web3 communities. The changes also acknowledge the escalating demand for virtual assets as diverse investors seek both returns and safeguards against economic uncertainties.

In a related stride, HashKey Exchange recently became the pioneering licensed crypto platform in Hong Kong to cater to retail users subsequent to a license upgrade.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

HashKey

HKVAX

hong kong

OSL

sfc

Type 1

Type 7

Avatar of Harold

Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
News

HKVAX Now Is Now Licensed To Officially Operate Digital Asset Services In Hong Kong

Key Points:

  • Hong Kong’s HKVAX secures a third virtual asset license endorsed by SFC.
  • HKVAX introduces groundbreaking OTC, exchange, and custody services.
  • Regulatory changes reflect the city’s dedication to evolving the virtual asset landscape.
Hong Kong Virtual Asset Exchange (HKVAX) has secured preliminary approval from the Securities and Futures Commission (SFC) to engage in regulated activities encompassing Type 1 (securities dealing) and Type 7 (automated trading services).
HKVAX Now Is Now Licensed To Officially Operate Digital Asset Services In Hong Kong

This landmark move positions HKVAX as the third licensed virtual asset operator in Hong Kong, following in the footsteps of OSL and HashKey.

The journey towards this achievement began in 2018 when HKVAX initiated discussions with the SFC, culminating in its formal application for licensure in 2019.

Upon final endorsement of its Type 1 and Type 7 licenses, HKVAX is poised to introduce three foundational offerings. Firstly, an Over-the-Counter (OTC) brokerage characterized by competitive spreads and robust liquidity facilitates seamless transactions between fiat currencies and virtual assets.

Secondly, an institutional-grade exchange platform will cater to advanced trading needs. Lastly, a 100% insured custody solution with stringent access controls and a clear distinction between client and house assets will reinforce trust.

This development comes on the heels of the Hong Kong Government and the SFC announcing forthcoming regulatory amendments designed to establish a resilient framework for the sustainable growth of the virtual asset industry.

Moreover, from early 2022 onwards, registered institutions and licensed corporations are mandated to collaborate exclusively with SFC-licensed virtual asset exchange platforms for pertinent trading services.

These shifts underscore Hong Kong’s dedication to nurturing financial innovations, reinforcing its commitment to the virtual asset and Web3 communities. The changes also acknowledge the escalating demand for virtual assets as diverse investors seek both returns and safeguards against economic uncertainties.

In a related stride, HashKey Exchange recently became the pioneering licensed crypto platform in Hong Kong to cater to retail users subsequent to a license upgrade.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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