Hong Kong Virtual Asset Exchange HKVAX Receives Approval Amid Crypto Boom
HKVAX Approval Marks a Milestone for Cryptocurrency in Hong Kong
In a significant move for the cryptocurrency landscape, Hong Kong's Securities and Futures Commission (SFC) has granted HKVAX the green light to operate, establishing it as the city's third virtual asset exchange. This exchange, operating under the newly formed regulatory framework, aims to spearhead the virtual-asset industry by providing comprehensive over-the-counter trading and innovative security token offerings (STOs), along with real-world asset tokenisation (RWA).
Groundbreaking Services Offered by HKVAX
- Over-the-Counter Trading: Catering to both retail and professional investors.
- Security Token Offerings: Elevating investment accessibility.
- Custody Services: Providing essential security for asset holders.
Co-founder Anthony Ng stated that the approval showcases Hong Kong’s commitment to leading the charge in the growing virtual-asset sector. With nearly 30 companies targeting licenses, HKVAX’s launch is anticipated to stimulate the market significantly, especially after the stringent regulatory environment has limited options for local investors.
Current Landscape and Future Outlook
- Only HashKey Group and OSL previously served retail customers under the SFC’s rigorous guidelines.
- 11 other platforms are still seeking final approval but can operate under a \\\"deemed to be licensed\\\" status.
- With its experienced team, including tech veteran Simon Liu from Alibaba Group, HKVAX is poised to become a key player in the Asia Pacific market.
As the trading platform finalizes preparations, the entire crypto community eagerly awaits HKVAX’s official launch, which is a major step towards revitalizing Hong Kong as a cryptocurrency hub.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.