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Hong Kong Virtual Asset Exchange (HKVAX) has officially received Type 1 (dealing in securities) and Type 7 (providing automated trading services) licenses from the Securities and Futures Commission (SFC), alongside the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO) license, the exchange announced in a statement.
HKVAX's core services encompass an OTC brokerage, a 24/7 trading platform, and comprehensive asset custody, which includes advanced security features such as multi-signature technology and wallet separation.
The platform also aims to support professional investors through a suite of management services, including consulting on Security Token Offerings (STO) and Real-World Asset (RWA) tokenization, technical support, and secondary market trading. By integrating these services, HKVAX aims to create a comprehensive virtual asset ecosystem that enhances the city's fintech landscape.
"Obtaining the license affirms HKVAX and demonstrates Hong Kong's resolve to lead in the virtual asset industry. We are part of a financial landscape revolution, aiming to establish Hong Kong as the STO and RWA center for Asia and beyond," Anthony Ng, co-founder and CEO of HKVAX, commented on the significance of the achievement.
In a bid to enhance the virtual asset landscape, HKVAX said it is forming strategic partnerships with brokers, Money Service Operators (MSOs), Exchange Traded Fund (ETF) issuers, and other virtual asset platforms. This collaborative approach is geared towards creating a robust virtual asset ecosystem that contributes to Hong Kong's financial innovation, according to HKVAX.
Hong Kong's Ambitious Crypto Strategy
As part of its broader strategy, Hong Kong is positioning itself as a leading international financial hub for virtual assets. With regulatory clarity and a proactive approach to innovation, the city is rapidly aims to be an attractive destination for cryptocurrency businesses. Recent developments, including the licensing framework introduced by the SFC, are designed to foster a secure and vibrant trading environment, promoting investor confidence and stimulating market growth.
The Hong Kong government has been actively encouraging the development of the virtual asset ecosystem, aligning with global trends towards digitization and blockchain technology. This regulatory framework not only supports existing businesses but also attracts new entrants, enhancing the city’s competitiveness on the global stage.
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