ChainCatcher news, Hong Kong Virtual Asset Exchange (HKVAX) has become the third cryptocurrency exchange to obtain a license from the Securities and Futures Commission (SFC) of the Hong Kong Special Administrative Region, serving retail customers, and is also the third exchange in Hong Kong to obtain a full license.HKVAX has obtained a Type 1 (Securities Trading) and Type 7 (Providing Automated Trading Services) Virtual Asset Trading Platform (VATP) license, as well as anti-money laundering and counter-terrorism financing licenses to operate the virtual asset trading platform.

ChainCatcher According to the South China Morning Post, since the new virtual asset regulations in Hong Kong took effect on June 1, in addition to two licensed cryptocurrency trading platforms (OSL Digital Securities Limited and Hash Blockchain Limited), another four companies have applied for licenses.Regulators stated that these four companies are HKVAX, HKBitEx, Hong Kong BGE Limited, and Victory Securities.

ChainCatcher news, according to Ming Pao, the co-founder and Chief Operating Officer of Hong Kong Virtual Asset Exchange (HKVAX), Ho Siu-Leung, stated that it will take at least another six months to obtain the Type 1 and Type 7 licenses from the Hong Kong Securities and Futures Commission. The plan is to launch the platform and OTC services at that time, but whether to launch STOs (Security Token Offerings) will depend on the regulations set by the Hong Kong Securities and Futures Commission.After obtaining the licenses, HKVAX will discuss with foreign licensed platforms to arrange for STOs to be listed in various major markets around the world for interested investors to subscribe. Meanwhile, HKVAX's CEO, Ng Wai-Leung, mentioned that the Hong Kong government supports the development of a global virtual asset hub, helping the industry solve problems, and has seen industry players migrating back to Hong Kong after moving to Singapore and Dubai.

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.