HKVAX Obtains License for Cryptocurrency Exchange Operations in Hong Kong

The Hong Kong Virtual Asset Exchange (HKVAX) has successfully secured the necessary Type 1 (securities dealing) and Type 7 (automated trading services) licenses from the Securities and Futures Commission (SFC) in Hong Kong. Additionally, HKVAX has obtained a license under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO), as declared in a press release.

The primary offerings of HKVAX include an Over-The-Counter (OTC) brokerage service, a trading platform accessible round-the-clock, and a secure asset custody solution deploying cutting-edge security measures such as multi-signature wallets and segregated wallet structures.

With a focus on serving the needs of professional investors, HKVAX offers a comprehensive range of services encompassing STO and RWA tokenization consultation, technical support, and facilitation of secondary market transactions. HKVAX is keen on fostering a fully-integrated virtual asset environment that propels the FinTech sphere in Hong Kong forward.

“Securing these licenses is a testament to HKVAX’s commitment and signifies Hong Kong’s determination to be at the forefront of the virtual asset sector. We are contributing to a major shift in the financial industry, aiming to position Hong Kong as the epicenter for STOs and RWAs in Asia and beyond,” stated Anthony Ng, HKVAX’s co-founder and CEO, regarding the licenses’ significance.

HKVAX is actively pursuing partnerships with various financial entities such as brokers, Money Service Operators (MSOs), Exchange Traded Fund (ETF) issuers, and other virtual asset platforms. These partnerships are part of a strategic effort to craft a strong virtual asset network that bolsters Hong Kong’s role as an innovator in financial services, as per HKVAX’s strategies.

The Crypto Vision of Hong Kong

Hong Kong is carving out a position as a premier global hub for digital assets, combining regulatory transparency with a fervent emphasis on innovation to become a magnet for cryptocurrency enterprises. With the SFC’s newly established licensing procedure, Hong Kong aims to cultivate a secure and dynamic trading milieu that heightens investor trust and drives market expansion.

The Hong Kong administration is steadfast in its support for the digital asset sector’s advancement, which aligns with worldwide digitalization and blockchain trends. By erecting a solid regulatory foundation, Hong Kong not only sustains existing businesses but also attracts new players, bolstering its international financial competitiveness.

Phase 2 of e-HKD Pilot Inaugurated by Hong Kong Monetary Authority with a Spotlight on Digital Currency Innovation

The initiative includes collaborations with 11 entities to explore various applications of digital currency including the settlement of tokenized assets, programmability, and transactions without the need for an online connection.