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Cryptocurrency News Articles

HKVAX Receives License to Operate Cryptocurrency Exchange in Hong Kong

Oct 08, 2024 at 06:55 pm

HKVAX has received its license for the cryptocurrency exchange and Hong Kong's financial landscape is still waxing for the better. Recently, the Securities and Futures Commission (SFC) confirmed this approval.

HKVAX Receives License to Operate Cryptocurrency Exchange in Hong Kong

The Securities and Futures Commission (SFC) of Hong Kong has granted HKVAX a license to operate a cryptocurrency exchange in the territory. This marks the third crypto-related platform to be licensed in the region.

The decision was announced by Simi Cheung, head of the SFC’s Inspection & Money Laundering Branch, in an interview with Bloomberg.

“We have licensed HKVAX, and they will be able to start operating a virtual asset trading platform,” Cheung said.

The SFC began accepting applications for crypto trading licenses in June 2023, following the introduction of a new licensing framework. The framework permits crypto trading platforms to work with retail investors, a move that has generated interest from crypto firms.

“I think the new licensing regime will pave the way for more crypto exchanges to apply for licenses in Hong Kong. We are still inspecting other platforms that have been deemed to be licensed,” Cheung stated.

HKVAX is capitalizing on this new opportunity to offer over-the-counter trading and custody solutions. According to Anthony Ng, co-founder and CEO of HKVAX, the license renews the company’s commitment to the virtual asset industry.

“We are honored to receive the SFC license, which marks a significant milestone in HKVAX’s journey to empower Hong Kong’s role as a global financial hub and vanguard in digital asset development,” Ng said.

“This approval showcases Hong Kong’s aspiration to foster an environment that supports both regulatory excellence and innovation in the financial sector.”

However, some stakeholders have expressed concerns regarding the regulatory environment. Duncan Chiu, a local lawmaker, highlighted the demanding rules that may deter international exchanges from entering the Hong Kong marketplace.

“The SFC has set very high standards for licensing crypto exchanges, which may make it difficult for some international exchanges to qualify,” Chiu said.

“This could limit the number of exchanges that are able to operate in Hong Kong and may reduce the overall liquidity and depth of the crypto market in the territory.”

The SFC has identified seven applicants as having some compliance issues, and some exchanges were recently found to have governance issues. Several of these platforms relied heavily on a small number of executives for the custody of client assets, raising questions about how these platforms would manage client assets.

The inspections also found weaknesses in cybersecurity measures at some exchanges. The SFC warned that firms that don’t address these issues could lose their provisional licenses.

HKVAX's approval and the SFC's ongoing inspections of other platforms indicate the regulator's efforts to maintain high standards in the world of crypto.

This approach is expected to encourage further applications from firms seeking to establish a presence in Hong Kong's crypto market.

The SFC's proactive nature towards building a solid crypto ecosystem bodes well for the territory's aspirations in the digital asset domain.

Original source:thecoinrepublic

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