Hong Kong Virtual Asset Exchange (HKVAX) secured approval-in-principle from the Securities and Futures Commission (SFC) to conduct Type 1 and Type 7 regulated activities, positioning it to become Hong Kong's third licensed virtual asset operator. Founded by local entrepreneurs, HKVAX seeks to unify traditional and digital finance and bridge Western and Eastern markets by establishing a high standard in digital asset trading. HKVAX plans to introduce new product categories, including Security Token Offerings (STOs), aiming to capitalize on investment prospects in Web3. Upon final approval of its licences, HKVAX will launch three core products: an OTC brokerage, an institutional exchange platform, and a 100% insured custody solution. Today’s announcement follows the Hong Kong Government and SFC's plans to implement a more stringent regulatory environment for virtual assets.
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