A wholly-owned subsidiary of Tigers Brokers has obtained a license from Hong Kong’s securities watchdog to operate as a crypto trading platform.
YAX has received a license to become a virtual asset trading platform (VATP) operator from the Securities and Futures Commission in Hong Kong and has been authorized to extend its operations to include the retail business, according to a statement.
YAX is a wholly-owned subsidiary of Tiger Brokers, a NASDAQ-listed online Chinese brokerage founded in 2014 and backed by investors including Xiaomi.
Planned Offering
Upon its official launch, YAX will provide clients with the custody and trading of cryptocurrencies. According to Kelvin Liu Kai, CEO of YAX (Hong Kong), it will focus in the future on «enhancing trading speed, reducing custodial risks, and ensuring transparency and security in the trading process to create the best trading experience possible for our users».
«The global virtual asset sector has rapidly developed in recent years, showing immense potential,» added Tiger Brokers CEO and co-founder Wu Tianhua. «Cryptocurrencies are a key future investment trend. The establishment of YAX not only demonstrates our confidence in the potential of the market, but also showcases our firm commitment to creating a transparent and secure trading environment.»
YAX becomes the latest firm to obtain a VATP license in Hong Kong which is now home to nine approved operators, according to the SFC’s updated list. The city recently introduced a swift licensing process for new VATP applicants.
