HKVAX was recently awarded the "Virtual Asset Trading Platform (VATP)" license and became one of the three regulated virtual asset platforms in Hong Kong. Hong Kong Securities and Futures Commission (SFC) Chief Executive Officer Leung Fengyi pointed out in an interview that there are 11 other platforms that are "deemed to be licensed" applicants, and it is expected that there will be new progress before the end of the year, including "batch licensing".
HKVAX becomes the third licensed virtual asset platform in Hong Kong
Hong Kong Virtual Asset Exchange (HKVAX) announced on October 4 that the company has been awarded "Type 1 (Securities Trading)" and "Type 7 (Provision of Automated Trading Services)" licenses by the Hong Kong Securities and Futures Commission. The Molecular Fund Raising Ordinance (AMLO) stipulates the issuance of a license to "operate a virtual asset trading platform".
HKVAX said that in addition to over-the-counter trading (OTC), trading platforms and custody services, it also focuses on providing security tokens (STO) and real asset tokenization (RWA) services to provide customers and partners with one-stop services. Virtual asset financial services.
HKVAX was one of the early platforms to apply for a license. It was issued an "Approval in Principle Notice (AIP)" in August last year and was awarded a formal license on October 3 this year, becoming the third platform in Hong Kong after OSL Exchange and HashKey Exchange. The first officially licensed virtual asset trading platform.
Information from the official website of the Hong Kong Securities and Futures Commission shows that there are currently 16 operators in the list of applicants for virtual asset trading platforms, of which 11 are "deemed to be licensed" platforms: HKbitEX, PantherTrade, Accumulus, DFX Labs, Bixin.com, EX.IO, YAX, Bullish, Crypto.com, WhaleFin and Matrixport HK.
The 11 platforms that are "deemed to be licensed", the license application results are expected to be released before the end of the year
(Blocker) reported in August this year that after a series of on-site reviews of the above 11 platforms, the Hong Kong Securities Regulatory Commission found that the operations of some platforms did not meet regulatory requirements, and whether they could obtain formal licenses was still in doubt.
In response, (Hong Kong 01) reported today (7th) that these platforms have been asked to make rectifications, and quoted the Chief Executive Officer of the Securities Regulatory Commission, Liang Fengyi, as saying:
The goal is to make new progress before the end of the year, including licensing in batches. Applicants who do not meet the requirements will lose their qualifications for licensing; applicants who meet the requirements will be conditionally issued a license.
Liang Fengyi also mentioned that on the premise of maintaining market fairness, we should promote the development of the regulatory system for virtual asset trading platforms, support the tokenization of traditional products, and use blockchain and Web3 basic technologies to promote the establishment of a responsible and safe financial technology ecosystem. , "The entire framework will be completed at least next year."
As for the supervision of cryptocurrency over-the-counter (OTC) services, Leung Fengyi said that the Hong Kong Securities and Futures Commission has solicited opinions from the industry on formulating a new licensing system for cryptocurrency OTC services and cryptocurrency custody services.
"HKVAX has obtained a virtual asset platform license! Hong Kong Securities and Futures Commission: Another 11 applicants are expected to have results before the end of the year." This article was first published on (Block Guest).
