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HKVAX has moved nearer to changing 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 corporations.
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 turn out to be 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 look ahead to making a protected and trusted atmosphere for buyers in one of many world’s largest and most dynamic monetary centres,” mentioned Dr. Anthony Ng, co-founder and CEO of HKVAX.
In keeping with HKVAX, a closing approval from the regulator will permit the corporate to offer regulated actions recognized as Sort 1 (securities choices) and Sort 7 (automated buying and selling companies) to prospects. HKVAX will supply 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 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 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 business.
Among the many modifications has been the requirement that registered establishments and banks prolong companies to SFC-licensed crypto platforms. Companies in search of to supply digital belongings are additionally obligated to use for acceptable licences earlier than offering these companies.
Sam Fok, co-founder and COO at HKVAX mentioned they welcome the brand new modifications meant to offer regulatory readability for the business in Hong Kong. He added:
“Over the past two years, we’ve got labored very carefully with the federal government and different stakeholders to strengthen laws. We welcome the modifications proposed just lately by the SFC that open up digital belongings to a wider neighborhood whereas offering buyers of every kind with the transparency, reliability and safety they count on. The modifications additionally sign Hong Kong’s intent to turn out to be a world digital asset hub.”
On August 7, the SFC printed a warning to VATPs which are but to get correctly licensed to not mislead customers, notably via statements printed 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 laws.
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