A Step Forward for Hong Kong’s Crypto Hub…

“HKVAX’s New License: Fueling Hong Kong’s Formidable Crypto Imaginative and prescient!”

Hong Kong has made vital progress in its efforts to develop into a world chief within the digital asset business by issuing its third cryptocurrency buying and selling platform license to the Hong Kong Digital Asset Trade (HKVAX). This license, granted by the Securities and Futures Fee (SFC), permits HKVAX to supply over-the-counter (OTC) buying and selling, digital asset trade providers, and custody options with insurance coverage protection. Furthermore, HKVAX focuses on safety token choices (STOs) and real-world asset (RWA) tokenization, key areas of innovation within the cryptocurrency house

HKVAX Joins OSL and HashKey as Licensed Crypto Exchanges

HKVAX is the third trade to obtain full licensing in Hong Kong, following earlier approvals for OSL and HashKey. This transfer additional cements Hong Kong’s dedication to nurturing the expansion of the digital asset business, notably by offering a transparent regulatory framework that encourages each retail and institutional traders. Anthony Ng, co-founder and CEO of HKVAX, emphasised that this license confirms Hong Kong’s ambition to determine itself as a hub for STOs and RWA tokenization in Asia

Regulatory Framework and Future Approvals

Hong Kong’s regulatory framework for crypto buying and selling platforms was formally launched in June 2023 to assist develop the market to retail traders and appeal to extra crypto companies to the town. Nevertheless, the stringent rules have been met with some criticism, notably from native lawmakers, who argue that the principles could deter world exchanges from getting into the Hong Kong market 

The SFC has additionally revealed that 11 extra platforms are at the moment below evaluation, with plans to challenge extra licenses by the top of 2024. A few of these platforms have been flagged for failing to fulfill regulatory requirements, particularly regarding custody of shopper property and cybersecurity measures

Future Outlook

HKVAX’s entrance into the market is predicted to inject contemporary vitality into Hong Kong’s ambitions to guide the digital asset house. Whereas the regulatory framework has seen a sluggish begin, this newest improvement means that extra exchanges may quickly obtain licenses, additional boosting the town’s standing as a world crypto hub.

Additionally learn: MemeFi Itemizing Date set for 30 oct: Key Airdrop and Launch Particulars

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