October 9, 2024
By Our Correspondent
Hong Kong’s financial regulatory authority has issued its third license under the newly established framework for crypto trading platform licensing and intends to approve additional platforms on the “deemed-to-be-licensed” list by the conclusion of this year, as reported by local media.
In an interview released on Monday with the local news outlet HK01, Julia Leung, the chief executive of the Hong Kong Securities and Futures Commission (SFC), announced that the regulator has granted approval for HKVAX to function as a crypto exchange in Hong Kong, following prior approvals for OSL and HashKey.
Leung indicated that there are currently 11 platforms listed as deemed-to-be-licensed applicants for virtual asset trading by the SFC. The regulator has completed the initial phase of onsite inspections and has requested these applicants to implement necessary modifications.
Leung further stated that the SFC aims to achieve significant progress by the year’s end, including the issuance of licenses in batches.
Following the receipt of its license, HKVAX issued a statement highlighting its focus on security token offerings and the tokenization of real-world assets, alongside providing over-the-counter trading, exchange, and custody services.
“This aligns with Hong Kong’s objectives to enhance its status as a financial hub and an international asset management center,” remarked Anthony Ng, co-founder and CEO of HKVAX, in the statement. “Securing the license validates HKVAX’s position and underscores Hong Kong’s commitment to leading in the virtual asset sector.”
HKVAX has officially obtained Type 1 (dealing in securities) and Type 7 (providing automated trading services) licenses from the Securities and Futures Commission (SFC), in addition to the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO) license, as announced in a recent statement.
The primary offerings of HKVAX include an over-the-counter (OTC) brokerage, a round-the-clock trading platform, and extensive asset custody services, which feature advanced security measures such as multi-signature technology and wallet segregation.
Furthermore, the platform is designed to assist professional investors by providing a range of management services, including advisory on Security Token Offerings (STO) and Real-World Asset (RWA) tokenization, technical assistance, and secondary market trading. Through the integration of these services, HKVAX seeks to establish a comprehensive virtual asset ecosystem that enriches the fintech landscape of the city.