Hong Kong just granted HKVAX full licensing to operate as the third cryptocurrency exchange under its new regulatory regime. This makes HKVAX the first exchange to receive approval under the regionâs latest licensing rules, solidifying its role in Hong Kongâs growing crypto market.
HKVAX: A New Player with Big Ambitions
HKVAX has been licensed by the Securities and Futures Commission (SFC) for both Type 1 (dealing in securities) and Type 7 (automated trading services), allowing it to serve retail customers. Additionally, the exchange received crucial Anti-Money Laundering and Counter-Terrorist Financing licenses. HKVAX specializes in over-the-counter trading, security token offerings (STO), real-world asset (RWA) tokenization, and insured custody services. The co-founder and CEO, Anthony Ng, sees HKVAX playing a vital role in transforming Hong Kong into a central hub for STOs and RWAs in Asia.
đ Expansion of Retail Crypto Trading
While HKVAX gears up for its official launch, the exchange cautioned that its trading platform and onboarding systems are still in the final stages of preparation. This marks a new era for retail crypto trading in Hong Kong, which officially began in August 2023. Two other exchanges, OSL and HashKey, received their licenses in earlier years, but HKVAX is the first to be licensed under the revamped regulatory framework.
Whatâs Next?
With 16 more exchanges waiting for their VATP licenses, the competition is heating up. Although some exchanges are already operating as âdeemed to licensed,â the SFC has warned against trading with unlicensed platforms. As the regulatory landscape tightens, all eyes are on Hong Kong as it establishes itself as a key player in the global crypto market.
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