2024

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 <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>
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<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>
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  <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>
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<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

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