HKVAX becomes third crypto exchange licensed in Hong Kong
Hong Kong Virtual Asset Exchange (HKVAX) has received licensing from the Securities and Futures Commission (SFC) to operate a virtual asset trading platform, becoming the third licensed crypto exchange in Hong Kong and the first under the new regulatory framework. HKVAX obtained a Type 1 license for securities trading and a Type 7 license for automated trading services, along with an Anti-Money Laundering and Counter-Terrorist Financing Ordinance license. The exchange focuses on Security Token Offerings, Real-World Asset tokenization, OTC trading, and custody services. HKVAX aims to enhance liquidity and create opportunities in traditional financial markets. The company is forming strategic partnerships to build a comprehensive virtual asset ecosystem. Hong Kong's regulatory environment has led to the withdrawal of several global exchanges, with only two local firms previously serving retail customers before HKVAX's approval. Eleven platforms have a "deemed to be licensed" status while seeking full approval.
