Hong Kong Virtual Asset Exchange (HKVAX), a platform aimed at offering securities token offerings and other cryptocurrency services, has received principle approval from the Hong Kong Securities and Futures Commission (SFC) to operate under the country's securities laws.
The SFC has granted HKVAX approval in principle to run Type 1 and Type 7 regulated activities that allow the platform to deal in securities and provide automated trading services to both retail and institutional investors.
HKVAX announced this significant development today and said it will offer a variety of products, including over-the-counter (OTC) brokerage, an enterprise-grade exchange platform, and an insured custody solution.
HKVAX co-founder and CEO Anthony Ng said the approval is an important step for the platform, which plans to expand its product offering in Hong Kong and work with strategic investors for its next rounds of funding.
HKVAX is not the only crypto platform to receive SFC approval. On August 3, HashKey and OSL became the first exchanges in Hong Kong to acquire the necessary licenses to offer crypto trading services.
*Not investment advice.