HKVAX has moved nearer to turning into solely the third platform to obtain a VATP licence in Hong Kong.
That is after it obtained an approval-in-principle from the Hong Kong Securities and Futures Fee (SFC)
The SFC web site lists OSL and Hashkey as solely two VATP licensed corporations.
Hong Kong Digital Asset Trade (HKVAX) has obtained a discover of approval-in-principle from the Hong Kong Securities and Futures Fee (SFC).
A press launch from HKVAX famous that the approval will see the platform develop into solely the third digital asset buying and selling platform (VATP) to be licensed by the SFC.
“We’re delighted to have obtained approval-in-principle from the SFC and stay up for making a protected and trusted atmosphere for buyers in one of many world’s largest and most dynamic monetary centres,” mentioned Dr. Anthony Ng, co-founder and CEO of HKVAX.
In line with HKVAX, a ultimate approval from the regulator will permit the corporate to offer regulated actions recognized as Kind 1 (securities choices) and Kind 7 (automated buying and selling providers) to prospects. HKVAX will supply three core merchandise to customers as soon as the regulatory course of is finished – an OTC brokerage, an institutional-grade alternate platform, and custody answer.
HKVAX to affix OSL and Hashkey as third VATP licence
HKVAX’s approval-in-principle might see it be a part of OSL and Hashkey because the third licensed VATP in Hong Kong. Particulars on the SFC web site present that OSL obtained the primary digital property dealer licence in December 2020, whereas Hashkey was licensed in November 2022.
The trail to approval for HKVAX comes on the again of the Hong Kong authorities’s push to deliver into operation a brand new crypto framework for the digital asset trade.
Among the many adjustments has been the requirement that registered establishments and banks lengthen providers to SFC-licensed crypto platforms. Corporations in search of to supply digital property are additionally obligated to use for acceptable licences earlier than offering these providers.
Sam Fok, co-founder and COO at HKVAX mentioned they welcome the brand new adjustments meant to offer regulatory readability for the trade in Hong Kong. He added:
“Over the past two years, we have now labored very carefully with the federal government and different stakeholders to strengthen laws. We welcome the adjustments proposed not too long ago by the SFC that open up digital property to a wider neighborhood whereas offering buyers of every type with the transparency, reliability and safety they anticipate. The adjustments additionally sign Hong Kong’s intent to develop into a worldwide digital asset hub.”
On August 7, the SFC revealed a warning to VATPs which might be but to get correctly licensed to not mislead customers, significantly by statements revealed in relation to “their intention to use for licences.”
In line with the regulator, such bulletins are prone to “give the general public a false sense of assurance” that the VATP is compliant with SFC laws.