HKVAX becomes third crypto exchange licensed in Hong Kong

Hong Kong Virtual Asset Exchange (HKVAX) has secured licensing from Hong Kong’s Securities and Futures Commission (SFC) to operate a virtual asset trading platform.

The approval makes HKVAX the third licensed crypto exchange in the city and the first to be authorized under the virtual asset regulatory framework introduced two years ago.

HKVAX licensing

According to an Oct. 4 statement shared with CryptoSlate, HKVAX obtained a Type 1 license for securities trading and a Type 7 license for offering automated trading services. The exchange also acquired an Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO) license from the SFC.

HKVAX specializes in Security Token Offerings (STO), Real-World Asset (RWA) tokenization, over-the-counter (OTC) trading, and custody services. These capabilities position it as one of the most regulated virtual asset platforms in Hong Kong.

HKVAX CEO Anthony Ng stated that these licenses reflect both the company’s and Hong Kong’s dedication to becoming leaders in the virtual asset space.

Ng stated that he believes STO and RWA innovations will reshape traditional financial markets by boosting liquidity and creating new opportunities. This goal aligns with Hong Kong’s ambitions to solidify its standing as a global financial hub.

Similarly, Co-founder Sam Fok echoed this view, noting that the licenses are only the beginning of the firm’s expansion. He added that the approval elevates HKVAX from a simple exchange to a “comprehensive ecosystem.”

HKVAX is forming strategic partnerships with key industry players, including brokers, Money Service Operators (MSOs), Exchange-Traded Fund (ETF) issuers, stablecoin providers, and other virtual asset platforms to further its growth. These collaborations aim to foster a dynamic virtual asset ecosystem, contributing to Hong Kong’s ongoing financial innovation.

Hong Kong’s regulatory regime

HKVAX’s approval aligns with Hong Kong’s ongoing push to drive its position as a leader in the virtual asset market, especially for retail investors.

Over the years, the city has introduced strict regulations that have pushed several global exchanges—including Binance and HTX—to withdraw from the region. Notably, only two local firms—HashKey Group and OSL—were allowed to serve retail customers before HKVAX’s approval.

However, the regulator has labeled 11 platforms with a “deemed to be licensed” status, which allows them to continue operating while they seek full approval from the SFC.

The post HKVAX becomes third crypto exchange licensed in Hong Kong appeared first on CryptoSlate.

  • Related Posts

    Crypto.com delists USDT and other tokens to comply with MiCA

    Crypto.com will be delisting Tether’s USDT stablecoin by Jan. 31 as part of efforts to comply with Europe’s Markets in Crypto-Assets (MiCA) regulation, according to emails obtained by CryptoSlate. The exchange…

    Continue reading
    Coinbase secures approval to launch crypto exchange in Argentina

    Coinbase has received approval to launch its platform in Argentina after successfully registering as a Virtual Asset Service Provider (VASP) with Argentina’s National Securities Commission (CNV), according to a Jan.…

    Continue reading

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    FBI initiative saves thousands from crypto scams, recovers $285 million

    FBI initiative saves thousands from crypto scams, recovers $285 million

    Trump reportedly considering swapping crypto council for informal summits

    Trump reportedly considering swapping crypto council for informal summits

    Amsterdam Blockchain Week: A Celebration of Web3 Innovation and Collaboration

    Amsterdam Blockchain Week: A Celebration of Web3 Innovation and Collaboration

    US customs reportedly stalling Bitcoin miner shipments amid crackdown

    US customs reportedly stalling Bitcoin miner shipments amid crackdown

    South Korea to gradually permit corporate crypto trading amid market reform

    South Korea to gradually permit corporate crypto trading amid market reform

    Tether refutes JPMorgan’s suggestion it will sell Bitcoin to navigate regulation

    Tether refutes JPMorgan’s suggestion it will sell Bitcoin to navigate regulation