HKVAX has moved nearer to turning into solely the third platform to obtain a VATP licence in Hong Kong.
That is after it obtained an approval-in-principle from the Hong Kong Securities and Futures Fee (SFC)
The SFC web site lists OSL and Hashkey as solely two VATP licensed firms.
Hong Kong Digital Asset Trade (HKVAX) has obtained a discover of approval-in-principle from the Hong Kong Securities and Futures Fee (SFC).
A press launch from HKVAX famous that the approval will see the platform develop into solely the third digital asset buying and selling platform (VATP) to be licensed by the SFC.
“We’re delighted to have obtained approval-in-principle from the SFC and look ahead to making a secure and trusted setting for traders in one of many world’s largest and most dynamic monetary centres,” stated Dr. Anthony Ng, co-founder and CEO of HKVAX.
In line with HKVAX, a last approval from the regulator will enable the corporate to offer regulated actions recognized as Sort 1 (securities choices) and Sort 7 (automated buying and selling providers) to prospects. HKVAX will provide three core merchandise to customers as soon as the regulatory course of is completed – an OTC brokerage, an institutional-grade alternate platform, and custody answer.
HKVAX to hitch OSL and Hashkey as third VATP licence
HKVAX’s approval-in-principle may see it be a part of OSL and Hashkey because the third licensed VATP in Hong Kong. Particulars on the SFC web site present that OSL obtained the primary digital belongings dealer licence in December 2020, whereas Hashkey was licensed in November 2022.
The trail to approval for HKVAX comes on the again of the Hong Kong authorities’s push to convey into operation a brand new crypto framework for the digital asset trade.
Among the many modifications has been the requirement that registered establishments and banks lengthen providers to SFC-licensed crypto platforms. Corporations searching for to supply digital belongings are additionally obligated to use for acceptable licences earlier than offering these providers.
Sam Fok, co-founder and COO at HKVAX stated they welcome the brand new modifications meant to offer regulatory readability for the trade in Hong Kong. He added:
“During the last two years, we now have labored very carefully with the federal government and different stakeholders to strengthen laws. We welcome the modifications proposed not too long ago by the SFC that open up digital belongings to a wider group whereas offering traders of every kind with the transparency, reliability and safety they count on. The modifications additionally sign Hong Kong’s intent to develop into a worldwide digital asset hub.”
On August 7, the SFC revealed a warning to VATPs which can be but to get correctly licensed to not mislead customers, significantly by way of statements revealed in relation to “their intention to use for licences.”
In line with the regulator, such bulletins are prone to “give the general public a false sense of assurance” that the VATP is compliant with SFC laws.
