HKVAX Gets In-Principle Approval for Crypto Services in Hong Kongby Fintech News Hong Kong August 14, 2023
The Securities and Futures Commission (SFC) has issued an in-principle approval to the Hong Kong Virtual Asset Exchange (HKVAX). This makes it the third licensed virtual asset operator in Hong Kong after OSL and HashKey Exchange.
HKVAX said that once it receives the final approval for its Type 1 (dealing in securities) and Type 7 (providing automated trading services) licenses, it will roll out three core products.
This includes an OTC brokerage with tight spread and high liquidity, which allows users to easily trade between fiat currencies and virtual assets; an institutional grade exchange platform; and a 100% insured custody solution with clear access control and segregation between client and house assets.
HKVAX is also partnering with licensed and issuance platforms from five financial hubs, including New York, London and Singapore, to provide clients with greater investment opportunities across the globe.
The SFC had recently issued a warning against unlicensed virtual asset trading platforms (VATPs) against misleading investor with false license claims, threatening legal and regulatory consequences.
“We are delighted to have received approval-in-principle from the SFC and look forward to creating a safe and trusted environment for investors in one of the world’s largest and most dynamic financial centres.
As we continue to grow our business and expand the range of product offerings in Hong Kong, we strive to be the most reliable investment solutions provider and to work together with strategic investors for our next funding rounds.”
said Dr. Anthony Ng, Co-Founder and CEO of HKVAX.
“Over the last two years, we have worked very closely with the government and other stakeholders to strengthen regulations.
We welcome the changes proposed recently by the SFC that open up virtual assets to a wider community while providing investors of all types with the transparency, reliability and protection they expect. The changes also signal Hong Kong’s intent to become a global virtual asset hub.”
said Sam Fok, Co-Founder and COO.
Featured image: (From left to right) Sam Fok, Co-Founder and COO of HKVAX and Dr. Anthony Ng, Co-Founder and CEO of HKVAX