Crypto exchange gets HongKong's approval, details inside
The approval-in-principle, announced on 11 August by HKVAX, signifies a significant step forward for the crypto exchange. A Type 1 license allows HKVAX to operate a digital asset trading exchange that engages with securities. A Type 7 license, on the other hand, allows it to provide automated trading services to both retail users and institutional investors.
With this step, the exchange wants to tap into the potential of Web3 investment avenues. Once it receives the final approval, HKVAX plans to offer multiple services. These include an over-the-counter brokerage. It allows seamless trading between fiat and digital assets, an institution-grade exchange, and a secure custody solution for digital assets.
Anthony Ng, HKVAX’s co-founder and CEO, expressed optimism about the exchange’s growth trajectory. Ng noted that as HKVAX expands, it will further diversify its product offerings within the Hong Kong market.The timing of HKVAX’s approval aligns with Hong Kong’s broader engagement with the crypto market.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Hong Kong Officials Welcome Police Team's Return from World Police and Fire GamesHong Kong officials have praised and congratulated a police team that attended the World Police and Fire Games in Winnipeg. They accused those who criticized the officers' attendance of smearing the city and its disciplined services. The team won 275 medals at the games held between July 28 and Aug. 6. Advocacy groups in Canada have expressed concerns about the presence of Hong Kong Police Force.
Read more »
Manulife Reports 14% Jump in Adjusted Earnings Driven by Strong Insurance Sales in AsiaManulife, a leading financial services company, has reported a 14% increase in adjusted earnings, largely due to stronger insurance sales in Asia. The company's Asian business, which accounts for 35% of its overall profits, has seen a significant recovery in sales, particularly in Hong Kong, Singapore, mainland China, and Indonesia. The reopening of the border with China has contributed to the growth in Hong Kong sales, which have doubled compared to the previous year. This recovery is seen as a positive sign of future growth in the region.
Read more »
Indian Ministry Launches Competition for Indigenous Web Browser with Crypto Token SigningThe Indian Ministry of Electronics and Information Technology (MeitY) has announced the launch of a competition to create a new indigenous web browser that allows users to sign documents with crypto tokens. The competition aims to inspire and empower technology enthusiasts, innovators, and developers to create a web browser with enhanced security features and the ability to digitally sign documents using a crypto token. This initiative is part of India's goal of becoming a self-reliant nation.
Read more »
Bitcoin Trades Sideways as CPI Report Has Little Impact on Crypto MarketThe crypto market showed little reaction to the CPI report as Bitcoin continues to trade sideways below $29,800. While stocks initially responded positively to the report, the momentum faded throughout the trading day. Bitcoin's price remains compressed within a range, leading analysts to warn of an imminent breakout.
Read more »
MeitY Introduces Crypto Token-Based Document Signatures to Revolutionize Online InteractionsThe Indian government's initiative, as part of the Indian Web Browser Development Challenge, aims to create a native web browser with advanced functionalities, heightened security, and data privacy safeguards. The proposed browser will enable secure transactions through the use of crypto tokens for document signatures and support for Web3. India's stance on cryptocurrencies remains uncertain, but the emphasis on trust, functionality, and security reflects its pursuit of a comprehensive web browsing solution.
Read more »
France Updates Crypto Registration Requirements Ahead of MiCA ImplementationFrance's financial regulator, Autorité des Marchés Financiers (AMF), has amended its registration requirements for crypto platforms in preparation for the implementation of the European Union's (EU) Markets in Crypto Assets (MiCA) regulation. The new requirements restrict crypto firms from using client assets without prior approval and aim to enhance the registration process. The MiCA regulation will come into force across Europe on 1 January 2024. The European and Securities Markets Authority (ESMA) has also warned consumers about the risks associated with cryptocurrencies.
Read more »