Your reliable guide in the crypto world, providing comprehensive news and analysis on all things related to cryptocurrency.

Hong Kong securities regulator issues in-principle approval to HKVAX

– Hong Kong’s Securities and Futures Commission (SFC) has given initial approval to Hong Kong Virtual Asset Exchange (HKVAX) to operate a virtual asset trading platform under securities laws.
– HKVAX announced that it had received an “approval-in-principle” from the SFC to carry out regulated activities Type 1 and Type 7.
– Type 1 allows the platform to operate a digital asset trading platform that deals with securities, while Type 7 allows the company to provide automated trading services to retail users and institutional investors.
– HKVAX aims to offer security token offerings to leverage Web3 investment opportunities and plans to provide over-the-counter brokerage, an institutional-grade exchange platform, and insured custody solution once it receives final approval.
– CEO of HKVAX, Anthony Ng, stated that as the exchange grows, it will expand its product offerings in Hong Kong and work with strategic investors for its next funding rounds.
– This approval comes after Hong Kong debuted crypto retail trading with exchanges HashKey and OSL, which became the first to obtain licenses for crypto trading services in Hong Kong.
– Hong Kong regulators have been focused on regulating crypto since the FTX collapse, with the SFC CEO emphasizing the importance of crypto trading and implementing a new licensing system for virtual asset service providers to protect investors.

Share this article
Shareable URL
Prev Post

NFT Collector – Cointelegraph Magazine

Next Post

FC Barcelona secures $132M investment for blockchain and NFT venture

Leave a Reply

Your email address will not be published.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

Read next