TechFlow reports that Hong Kong Virtual Asset Exchange (HKVAX) has received a "principles approval" notice from the Securities and Futures Commission (SFC) of Hong Kong, authorizing it to conduct Type 1 (dealing in securities) and Type 7 (providing automated trading services) regulated activities. HKVAX will become the third licensed virtual asset trading platform in Hong Kong.
Upon receiving final approval for its Type 1 and Type 7 licenses, HKVAX will offer three core products: an over-the-counter (OTC) brokerage service featuring tight spreads and high liquidity, enabling seamless trading between fiat currencies and virtual assets; an institutional-grade trading platform; and a 100% safeguarded custody service with clearly defined asset access rights and controls, ensuring strict segregation between client assets and those held by the company itself.
Reportedly founded by Hong Kong entrepreneurs, HKVAX aims to establish new standards in digital asset trading and build a bridge between traditional finance and digital finance for both local and global markets. The exchange targets becoming the industry benchmark for emerging product categories such as security token offerings (STOs) and asset-backed tokens (ABTs), while capturing investment opportunities brought by Web3.
