The Hong Kong Virtual Asset Exchange (HKVAX), a platform with a focus on providing services like securities token offerings and various cryptocurrency-related solutions, has attained preliminary approval from the Hong Kong Securities and Futures Commission (SFC) to operate under the country’s securities regulations.
The SFC has granted HKVAX preliminary approval for conducting Type 1 and Type 7 regulated activities. These designations enable the platform to engage in activities related to securities trading and the provision of automated trading services, catering to both retail and institutional investors.
In a recent announcement, HKVAX highlighted the significance of this accomplishment. The platform expressed its intent to offer a diverse range of products, encompassing services such as over-the-counter (OTC) brokerage, a high-caliber exchange platform, and a custody solution backed by insurance coverage.
Anthony Ng, the CEO and co-founder of HKVAX, underlined the importance of this regulatory approval as a crucial step for the platform. Ng articulated the platform’s strategy to not only expand its product offerings within the Hong Kong market but also collaborate with strategic investors for upcoming funding rounds.
It is worth noting that HKVAX is not alone in receiving approval from the SFC. On August 3rd, HashKey and OSL achieved a significant milestone by becoming the first exchanges in Hong Kong to secure the necessary licenses for providing cryptocurrency trading services.
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