Hong Kong Adds Third Licensed Crypto Operator

Hong Kong remains steadfast in its pursuit of becoming a cryptocurrency hub by adding yet another authorized virtual asset operator to its roster.

The Securities and Futures Commission has granted preliminary approval to the Hong Kong Virtual Asset Exchange (HKVAX) to function as a platform for trading digital assets. In a statement, it was indicated that the approval encompasses the ability to conduct regulated activities such as securities transactions (Type 1) and automated trading services (Type 7).

After obtaining official approval from regulatory bodies, HKVAX will join the ranks of licensed virtual asset operators in Hong Kong, alongside HashKey and OSL.

Once HKVAX obtains the last green light for its Type 1 and Type 7 permits, it will present three primary offerings: a fiat-to-virtual asset brokerage that can be accessed without formalities, a top-notch exchange platform tailored for institutional use, and a fully safeguarded custody solution with complete assurance and strict separation of client and company assets.

HKVAX is also creating a worldwide network for investors through collaborations with platforms from five major financial centers worldwide, such as New York, London, and Singapore. The objective is to offer clients a pathway to various investment prospects.

HKVAX was established in 2019 by a group of enterprising individuals hailing from Hong Kong, who possess vast expertise gained from their previous stints at multinational banks and tech companies.