HONG KONG SAR – Media OutReach – August 11, 2023 – Hong Kong Virtual Asset Exchange (HKVAX) today received approval in principle from the Securities and Futures Commission (SFC) to conduct Type 1 and Type 7 regulated activities , will simply become the third licensed virtual asset operator in Hong Kong.
From left to right: Sam Fok, co-founder and COO of HKVAX and Dr. Anthony Ng, co-founder and CEO of HKVAX
HKVAX, founded by Hong Kong entrepreneurs, aims to bridge the gap between traditional and digital finance, and between West and East, setting a new standard in digital asset trading. HKVAX also aims to become a benchmark for new product categories such as STOs (Security Token Offering, or asset-backed tokens) to take advantage of investment opportunities in the Web3.
“Hong Kong has become a hotbed of innovative technology, fintech and virtual assets,” said Dr. Anthony Ng, co-founder and CEO of HKVAX. “We are delighted to have received approval in principle from the SFC and look forward to creating a safe and trusted environment for investors in one of the largest and fastest growing financial centers in the world.”
Once HKVAX receives final approval for its Type 1 (securities trading) and Type 7 (provision of automated trading services) licenses, the company will offer three main products: an over-the-counter brokerage with a tight spread and high liquidity, which allows users to easily trade between fiat currencies and virtual assets; an institutional quality trading platform; and a 100% insured custodial solution with clear access control and separation between client and house assets.
“As we continue to grow our business and expand the range of product offerings in Hong Kong, we strive to be the most trusted investment solutions provider and work with strategic investors for our next rounds. funding,” added Dr Ng.
Today’s announcement comes after the Hong Kong government and the SFC revealed impending changes to the regulatory environment, aimed at creating strong and comprehensive governance for a sustainable and responsible virtual asset industry. Additionally, from the beginning of 2022, registered institutions and licensed companies are required to collaborate with SFC-licensed virtual asset exchanges only for relevant trading services. The changes demonstrate Hong Kong’s commitment and determination to explore financial innovations alongside virtual assets and the Web3 community. They also recognize the growing demand for virtual assets as institutional investors, family offices, high net worth individuals and retail investors aim to diversify their portfolios in search of returns and protection against economic headwinds.
“The digital asset industry has faced many challenges in recent years, mainly related to centralized governance. From day one, we focused on governance, compliance, risk management and security. The recent market turmoil shows the value of this approach,” said Sam Fok, co-founder and COO. “Over the past two years, we have worked closely with the government and other stakeholders to strengthen regulation. We welcome the changes recently proposed by the SFC that open up virtual assets to a wider community while offering investors of all types the transparency, reliability and protection they expect.The changes also signal Hong Kong’s intention to become a global hub for virtual assets.
In addition to its portfolio of products and services, HKVAX is building a global ecosystem for investors by partnering with licensed and issuing platforms from five of the world’s most important financial centers, including New York, London and Singapore. . The aim is to provide clients with a bridge to investment opportunities around the world.
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The issuer is solely responsible for the content of this announcement.
