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Will turn into the primary Hong Kong-incubated digital asset platform to obtain Sort 1 and Sort 7 licenses
HONG KONG SAR – Media OutReach – 11 August 2023 – Hong Kong Digital Asset Trade (HKVAX) right now acquired approval-in-principle from the Securities and Futures Fee (SFC) to hold out Sort 1 and Sort 7 regulated actions, will turn into simply the third licensed digital asset operator in Hong Kong.
From left to proper: Sam Fok, Co-Founder and COO of HKVAX and Dr. Anthony Ng, Co-Founder and CEO of HKVAX 
HKVAX, based by Hong Kong entrepreneurs, goals to bridge the hole between conventional and digital finance, and between the West and the East, by setting a brand new customary in digital asset buying and selling. HKVAX additionally goals to turn into a benchmark for brand new product classes resembling STOs (Safety Token Providing, or asset-backed tokens) to leverage funding alternatives in Web3.
“Hong Kong has grown right into a hothouse for progressive applied sciences, fintech and digital belongings,” stated Dr. Anthony Ng, Co-Founder and CEO of HKVAX. “We’re delighted to have acquired approval-in-principle from the SFC and look ahead to making a secure and trusted atmosphere for traders in one of many world’s largest and most dynamic monetary centres.”
As soon as HKVAX receives remaining approval for its Sort 1 (dealing in securities) and Sort 7 (offering automated buying and selling companies) licenses, the corporate will supply three core merchandise: an OTC brokerage with tight unfold and excessive liquidity, which permits customers to simply commerce between fiat currencies and digital belongings; an institutional grade alternate platform; and a 100% insured custody resolution with clear entry management and segregation between shopper and home belongings.
“As we proceed to develop our enterprise and broaden the vary of product choices in Hong Kong, we attempt to be essentially the most dependable funding options supplier and to work along with strategic traders for our subsequent funding rounds,” Dr. Ng added.
As we speak’s announcement comes after the Hong Kong Authorities and the SFC revealed impending modifications to the regulatory atmosphere, aimed toward creating sturdy and complete governance for a sustainable and accountable digital asset business. Moreover, beginning in early 2022, registered establishments and licensed firms are required to collaborate with SFC-licensed digital asset alternate platforms just for related buying and selling companies. The modifications show Hong Kong’s dedication and willpower to discover monetary improvements alongside the digital asset and the Web3 neighborhood. Additionally they recognise the rising demand for digital belongings as institutional traders, household places of work, excessive net-worth people and retail traders goal to diversify their portfolios within the hunt for each returns and safety from financial headwinds.
“The digital asset business has confronted quite a few challenges lately, primarily associated to centralised governance. From day one, now we have been targeted on governance, compliance, threat administration and safety. The current market turmoil reveals the worth of that strategy,” stated Sam Fok, Co-Founder and COO. “During the last two years, now we have labored very intently with the federal government and different stakeholders to strengthen rules. We welcome the modifications proposed not too long ago by the SFC that open up digital belongings to a wider neighborhood whereas offering traders of every kind with the transparency, reliability and safety they count on. The modifications additionally sign Hong Kong’s intent to turn into a world digital asset hub.”
Along with its portfolio of services, HKVAX is constructing a world ecosystem for traders by partnering with licensed and issuance platforms from 5 of the world’s most important monetary hubs, together with New York, London and Singapore. The objective is to supply shoppers with a bridge to funding alternatives throughout the globe.
Hashtag: #HongKongVirtualAssetExchange #HKVAX
The issuer is solely chargeable for the content material of this announcement.
About HKVAX
Hong Kong Digital Asset Trade (HKVAX) is the primary digital asset platform based by a Hong Kong workforce. Our imaginative and prescient is to turn into a buying and selling bridge between conventional and digital finance, and between West and East, offering a variety of progressive merchandise for establishments and traders.
We maintain ourselves to the very best requirements in threat and compliance administration, guaranteeing full separation between our shoppers’ belongings and HKVAX funds. This follow fosters a tradition of transparency, reliability, and safety that aligns with traders’ expectations.
For additional info, please go to the web site: 
https://www.hkvax.com/
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