- HKVAX has moved closer to turning into finest the third platform to earn a VATP licence in Hong Kong.
- Here is after it obtained an approval-in-precept from the Hong Kong Securities and Futures Rate (SFC)
- The SFC online page online lists OSL and Hashkey as finest two VATP licensed companies.
Hong Kong Virtual Asset Exchange (HKVAX) has obtained a perceive of approval-in-precept from the Hong Kong Securities and Futures Rate (SFC).
A press unlock from HKVAX illustrious that the approval will watch the platform change into finest the third virtual asset procuring and selling platform (VATP) to be licensed by the SFC.
“We’re joyful to occupy obtained approval-in-precept from the SFC and never sleep for making a staunch and depended on atmosphere for investors in a single among the sphere’s finest and most dynamic financial centres,” acknowledged Dr. Anthony Ng, co-founder and CEO of HKVAX.
Per HKVAX, a final approval from the regulator will allow the corporate to produce regulated activities identified as Form 1 (securities offerings) and Form 7 (automatic procuring and selling companies and products) to clients. HKVAX will offer three core merchandise to customers once the regulatory task is executed – an OTC brokerage, an institutional-grade exchange platform, and custody resolution.
HKVAX to affix OSL and Hashkey as third VATP licence
HKVAX’s approval-in-precept might well presumably well watch it be a part of OSL and Hashkey as the third licensed VATP in Hong Kong. Crucial points on the SFC online page online present that OSL obtained the first digital sources dealer licence in December 2020, while Hashkey used to be licensed in November 2022.
The path to approval for HKVAX comes on the attend of the Hong Kong authorities’s push to bring into operation a contemporary crypto framework for the virtual asset exchange.
Among the many changes has been the requirement that registered institutions and banks lengthen companies and products to SFC-licensed crypto platforms. Companies in the hunt for to produce virtual sources are also obligated to apply for acceptable licences forward of providing these companies and products.
Sam Fok, co-founder and COO at HKVAX acknowledged they welcome the contemporary changes meant to produce regulatory clarity for the exchange in Hong Kong. He added:
“Over the final two years, we occupy worked very carefully with the authorities and various stakeholders to reinforce rules. We welcome the changes proposed currently by the SFC that commence up virtual sources to a substantial broader neighborhood while providing investors of all sorts with the transparency, reliability and safety they quiz. The changes also signal Hong Kong’s intent to change into a world virtual asset hub.”
On August 7, the SFC printed a warning to VATPs which will be but to earn correctly licensed no longer to mislead customers, in particular thru statements printed in relation to “their diagram to apply for licences.”
Per the regulator, such announcements are inclined to “give the final public a wrong sense of assurance” that the VATP is compliant with SFC rules.
