Hong Kong continues to make efforts to realize its ambitions to be a crypto hub with the introduction of another licensed virtual asset operator in the city.
The Hong Kong Virtual Asset Exchange (HKVAX) has received an approval-in-principle from the Securities and Futures Commission to operate as a digital asset trading platform, according to a statement. This includes the permission to carry out regulated activities including securities dealings (Type 1) and automated trading services (Type 7).
Following regulatory approval, HKVAX will become the third licensed virtual asset operator in Hong Kong, alongside HashKey and OSL.
Product Offering
After HKVAX receives final approval for its Type 1 and Type 7 licenses, it will offer three core products: an over-the-counter brokerage to trade between fiat currencies and virtual assets; an institutional grade exchange platform; and a 100 percent insured custody solution with «clear access control and segregation between client and house assets».
HKVAX is also building an global ecosystem for investors by partnering with platforms from five of the world’s top financial hubs, including New York, London and Singapore with the goal of providing clients with a bridge to investment opportunities.
HKVAX was founded in 2019 by Hong Kong entrepreneurs with extensive experience working at global banks and technology firms.
