SFC Licenses HKVAX as Hong Kong’s Third Regulated Crypto Exchange

Hong Kong welcomes HKVAX as the third licensed crypto exchange after Hashkey and OSL.

A pink sailing ship anchoring in the harbor of Hong Kong.
Created by Gabor Kovacs from DailyCoin
  • Hong Kong has licensed a new crypto exchange.
  • The development brought the total number of licensed platforms in the region to three.
  • The newly licensed platform plans to offer comprehensive crypto services.

The Hong Kong Virtual Asset Exchange (HKVAX) has achieved a remarkable regulatory win, obtaining two licenses from the Securities and Futures Commission (SFC).

The development came after Hong Kong tightened oversight on crypto service providers, mandating all exchanges to submit license applications in February or risk shutdown. Platforms that failed to honor this obligation were ordered to exit the market by May, leaving HashKey and OSL as the only licensed crypto exchanges in the region.

HKVAX Becomes HK’s Third Licensed Exchange

In a statement on October 4, HKVAX said it became Hong Kong’s third regulated crypto exchange after obtaining the SFC’s Type 1 and Type 7 licenses, along with the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO) to operate as a virtual asset trading platform.

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The Type 1 license allows HKVAX to deal in securities while the Type 7 authorization enables it to provide automated trading services.

With full authorization, HKVAX will offer a range of crypto services to Hong Kong residents, including over-the-counter (OTC) brokerage for institutional clients, a 24/7 digital asset trading platform, and a comprehensive custody solution with insurance coverage.

Additionally, the exchange is keen to provide professional investors with “one-stop” crypto management services, including technical support for Security Token Offerings (STOs) and Real-World Assets (RWA) tokenization.

HKVAX co-founder and CEO Dr. Anthony Ng lauded the development, reiterating the exchange’s commitment to fostering a secure and complaint virtual asset ecosystem.

“Obtaining the licence affirms HKVAX and demonstrates Hong Kong's resolve to lead in the virtual asset industry. We’re part of a financial landscape revolution, aiming to establish Hong Kong as the STO and RWA center for Asia and beyond.” Ng stated.

Per the statement, the licensing has paved the way for HKVAX to forge strategic partnerships with key players in the industry, including ETF and stablecoin issuers, Money Service Operators (MSOs), and other virtual asset platforms.

Read why Hong Kong’s SFC flagged Bybit as a suspicious platform:
Hong Kong Flags Bybit as “Suspicious” on Warning List

Stay updated on Ripple’s regulatory win in Dubai:
Ripple Bags In-Principle Approval for Payment Services in the UAE

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Brian Danga

Brian Danga is a crypto reporter at DailyCoin covering breaking news. Brian has minor holdings in Bitcoin and Ethereum.

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