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 Change (HKVAX) has acquired 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 change into solely the third digital asset buying and selling platform (VATP) to be licensed by the SFC.
“We’re delighted to have acquired approval-in-principle from the SFC and sit up for making a secure and trusted surroundings for buyers in one of many world’s largest and most dynamic monetary centres,” stated Dr. Anthony Ng, co-founder and CEO of HKVAX.
In keeping with HKVAX, a closing approval from the regulator will permit the corporate to supply 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 finished – an OTC brokerage, an institutional-grade alternate platform, and custody answer.
HKVAX to affix OSL and Hashkey as third VATP licence
HKVAX’s approval-in-principle might see it be part of OSL and Hashkey because the third licensed VATP in Hong Kong. Particulars on the SFC web site present that OSL acquired the primary digital property 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 business.
Among the many modifications has been the requirement that registered establishments and banks prolong providers to SFC-licensed crypto platforms. Companies looking for to supply digital property are additionally obligated to use for applicable licences earlier than offering these providers.
Sam Fok, co-founder and COO at HKVAX stated they welcome the brand new modifications meant to supply regulatory readability for the business in Hong Kong. He added:
“During the last two years, we now have labored very intently with the federal government and different stakeholders to strengthen rules. We welcome the modifications proposed lately by the SFC that open up digital property to a wider neighborhood whereas offering buyers of every kind with the transparency, reliability and safety they anticipate. The modifications additionally sign Hong Kong’s intent to change into a world digital asset hub.”
On August 7, the SFC revealed a warning to VATPs which might 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 keeping with the regulator, such bulletins are prone to “give the general public a false sense of assurance” that the VATP is compliant with SFC rules.
