2024

Read

<ul class="wp-block-list">
 <li><strong>Hong Kong licensed HKVAX as its third regulated cryptocurrency trading platform.</strong></li>
 <li><strong>HKVAX offers a 24/7 trading platform, OTC services, and secure custody solutions.</strong></li>
</ul>
<p>Hong Kong has recently<a href="https://www.hkvax.com/news/detail?diffId=1828727641257852928" target="_blank" rel="noopener noreferrer nofollow"> granted</a> the Hong Kong Virtual Asset Exchange (HKVAX) its third licensed cryptocurrency trading platform. This development marks a significant step in the city’s efforts to regulate its digital asset market. The Securities and Futures Commission (SFC) announced this decision as part of a broader initiative to create a more structured and secure environment for crypto trading​.</p>
<div align="center">
 <blockquote class="twitter-tweet">
  <p lang="en" dir="ltr">HKVAX secures SFC Type 1, 7 &amp; AMLO licences, becoming Hong Kong's third regulated virtual asset platform. Expanding into STO &amp; RWA while maintaining core OTC, exchange &amp; custody services. <br> <br>Read more: <a href="https://t.co/zuvLZJgF5P" rel="noopener noreferrer nofollow">https://t.co/zuvLZJgF5P</a><a href="https://twitter.com/hashtag/OTC?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#OTC</a> <a href="https://twitter.com/hashtag/RWA?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#RWA</a> <a href="https://twitter.com/hashtag/STO?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#STO</a> <a href="https://twitter.com/hashtag/VirtualAsset?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#VirtualAsset</a> <a href="https://twitter.com/hashtag/HKVAX?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#HKVAX</a> <a href="https://twitter.com/hashtag/VATP?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#VATP</a> <a href="https://t.co/HPoD1a4awx" rel="noopener noreferrer nofollow">pic.twitter.com/HPoD1a4awx</a></p>— Hong Kong Virtual Asset Exchange (HKVAX) (@hkvax) <a href="https://twitter.com/hkvax/status/1842032618000515369?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">October 4, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div>
<p>The licensing process for HKVAX <a href="https://x.com/RoundtableSpace/status/1842234211983597701?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1842234211983597701%7Ctwgr%5E4fa62415baa52fbbfaaa47a5589605e85b06d719%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fcryptonews.com%2Fnews%2Fhong-kong-issues-third-crypto-trading-platform-license-plans-more-approvals%2F" target="_blank" rel="noopener noreferrer nofollow">follows</a> stringent regulations requiring all virtual asset trading platforms to apply for a license by February 29, 2024. This mandate highlights the <a href="https://thenewscrypto.com/hong-kongs-sfc-grants-license-to-hkdaex-despite-deadline/" target="_blank" rel="noopener noreferrer nofollow">SFC’s</a> commitment to regulating the industry effectively​. Consequently, businesses that did not comply with these regulations faced removal from the market​.</p>
<h3 class="wp-block-heading" id="h-regulatory-challenges-in-hong-kong-s-crypto-market">Regulatory Challenges in Hong Kong’s Crypto Market</h3>
<p>HKVAX will provide various services, including a digital asset trading platform operating 24/7. Additionally, it will offer over-the-counter (OTC) trading services for institutional clients. The exchange also emphasizes the importance of comprehensive custody solutions with insurance​. Furthermore, HKVAX aims to focus on security token offerings (STOs) and the tokenization of real-world assets (<a href="https://thenewscrypto.com/assetera-launches-regulated-rwa-market-on-polygon/" target="_blank" rel="noopener noreferrer nofollow">RWAs</a>), enhancing its service portfolio​.</p>
<p>Currently, 16 companies await decisions regarding their virtual asset trading platform (VATP) applications. Notably, 11 of these companies operate under a “deemed to be licensed” status, despite warnings from the SFC discouraging customers from engaging with them​. This situation underscores the complexities of the licensing process and the need for clear regulatory guidelines.</p>
<p>While Hong Kong aims to become a global hub for financial technology, it has faced criticism for its slow pace in regulatory developments​. Currently, retail investors in the region can only access a limited selection of <a href="https://thenewscrypto.com/ethereums-rally-pushes-it-to-a-four-day-high/" target="_blank" rel="noopener noreferrer nofollow">cryptocurrencies</a>, which raises concerns among industry stakeholders. Despite these challenges, Hong Kong continues to work towards enhancing its digital asset landscape.</p>
<p>The recent licensing of HKVAX illustrates Hong Kong’s commitment to creating a regulated environment for cryptocurrency trading. As the regulatory landscape evolves, more platforms may receive approval, thereby expanding options for investors</p>
<p><strong>Highlighted Crypto News Today<br></strong><a href="https://thenewscrypto.com/memecoins-lead-market-recovery-by-hitting-new-highs/" target="_blank" rel="noopener noreferrer nofollow">Memecoins Lead Market Recovery by Hitting New Highs</a></p>

Hong Kong’s HKVAX Becomes Third Licensed Crypto Exchange

Table of Contents

TheNewsCrypto

Other articles published on Oct 7, 2024

TapSwap Daily Code for October 7, 2024

The Best Polygon MemeCoins to Buy in 2024: Maximize Investments

Bitcoin price could retest all-time high soon; analyst predicts

Fireblocks Integrates IOTA EVM

BitcoinCash Weekly News October 7th 2024 by the BCHF

Shiba Inu (SHIB) Burn Rate Surges 544% as Price Breaks Major Resistance

Join our free newsletter for daily crypto updates!