✔️ Information reviewed and updated in December 2023 by Eduardo López
The Hong Kong Securities and Futures Commission (SFC) has taken a significant step in the virtual assets space by granting “in-principle approval” to the Hong Kong Virtual Asset Exchange (HKVAX) to operate a trading platform under the legislation. of securities in the region.
A milestone in the regulation of virtual assets
On August 11, HKVAX excitedly announced that it had received this approval from the SFC to carry out Type 1 and Type 7 regulated activities. This marks a milestone on the path towards virtual asset regulation in Hong Kong. Type 1 approval allows the platform to operate as a digital asset exchange that trades securities, while Type 7 approval allows the company to offer automated trading services to both retail users and institutional investors.
HKVAX's vision and future services
HKVAX aims to offer a new product category called “security token offerings”, which will take advantage of investment opportunities in the Web3 ecosystem. Once the exchange receives final approval, it plans to provide a series of services including OTC (over-the-counter) brokerage for trading between fiat and digital assets, an institutional-grade exchange platform, and secure custody solutions.
A future of expansion and collaboration
HKVAX co-founder and CEO Anthony Ng highlighted that the platform will continue to expand its product offering in Hong Kong and collaborate with strategic investors in its upcoming financing rounds. This approval is a step forward for HKVAX and for the virtual asset market in Hong Kong, especially after the successful debut of HashKey and OSL in cryptocurrency retail trading in the country.
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