HKVAX has received the principle approval notice for the virtual asset trading platform license issued by the Hong Kong Securities and Futures Commission

ChainCatcher news, Hong Kong virtual asset exchange HKVAX has received a principle approval notice from the Hong Kong Securities and Futures Commission (SFC) to conduct Type 1 and Type 7 regulated activities. Following OSL and Hashkey, HKVAX will become the third licensed virtual asset trading platform in Hong Kong.

After obtaining the final approval for Type 1 (securities trading) and Type 7 (providing automated trading services) licenses, HKVAX will offer three core products, including over-the-counter (OTC) brokerage services, characterized by narrow spreads and high liquidity, allowing users to easily trade between fiat currency and virtual assets; an institutional-grade trading platform; and custody services, where asset access rights and control are clearly defined, and the assets held by clients are distinctly separated from those held by the company itself.

It is reported that HKVAX was founded by Hong Kong entrepreneurs with the aim of establishing a new standard for digital asset trading, creating a bridge between traditional finance and digital finance for local and global markets. HKVAX aims to become the industry benchmark for new product categories such as Security Token Offerings (STO) or Asset-Backed Tokens (ABT), and to seize investment opportunities brought by Web3.