Upon final approval, the exchange will offer OTC brokerage that lets users trade between fiat and crypto.
Hong Kong’s Securities and Futures Commission has issued an in-principle approval to Hong Kong Virtual Asset Exchange to operate a virtual asset trading platform under the region’s securities laws.that it had received an “approval-in-principle” from the SFC to carry out Type 1 and Type 7 regulated activities.
Anthony Ng, co-founder and CEO of HKVAX, said in the announcement that as the exchange grows, it will continue to expand its product offerings in Hong Kong and work with strategic investors for its next funding rounds.with exchanges HashKey and OSL. On Aug. 3, both firms became the first to obtain the necessary licenses to offer crypto trading services in Hong Kong.Hong Kong regulators have recently been focused on regulating crypto since the FTX collapse.
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