Hong Kong Digital Asset Ex Limited (HKbitEX) has announced provisional approval from the Securities and Futures Commission (SFC) for Licenses 1 and 7 under the Virtual Asset Trading Platform (VATP) regime. This milestone makes HKbitEX the fourth licensed cryptocurrency exchange in Hong Kong and the first digital finance group to secure a full virtual asset license in the region.
HKbitEX has granted FVA license
HKbitEX has received in-principle approval from the SFC for its full virtual asset trading platform Type 1 and Type 7 activities, making it the first digital finance group to obtain such licenses under the new regulatory framework.
The approval of Type 1 and Type 7 VATP licenses highlights HKbitEX’s commitment to compliance, investor protection and innovation in the rapidly evolving cryptocurrency landscape.
HKbitEX is ready to provide a wide range of services, including automated trading and over-the-counter (OTC) trading for popular virtual assets such as Bitcoin and Ethereum, as well as virtual asset to fiat conversion solutions.
HKbitEX plans to introduce automated trading for tokenized products, including security tokens (STOs), after receiving approval for token listing from the SFC. This move is expected to improve liquidity in the secondary market and provide investors with various opportunities in the digital asset space.
Looking into the future
With the newly acquired license, HKbitEX CEO, Dr. Gao Han expressed optimism about the future of digital finance in Hong Kong. He emphasized the importance of regulatory approval for the VATP license in increasing investor confidence and fostering the growth of the digital asset market.
Looking ahead, HKbitEX continues to expand its products and services and is poised to play a pivotal role in shaping the future of cryptocurrency in Hong Kong and beyond.