Hong Kong SFC Grants Virtual Asset Licenses to HKbitEX
Headline: HKbitEX Becomes the Fourth Licensed Crypto Exchange in Hong Kong, Securing Virtual Asset Trading Platform Licenses
Hong Kong Digital Asset Ex Limited (HKbitEX) has achieved a significant milestone by obtaining provisional approval for licenses 1 and 7 under the Virtual Asset Trading Platform (VATP) regime from the Securities and Futures Commission (SFC). This makes HKbitEX the fourth licensed crypto exchange in Hong Kong and the first digital financial group to secure full virtual asset licenses in the region.
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HKbitEX has been granted approval in principle for Full Virtual Asset Trading Platform Type 1 and Type 7 activities by the SFC, making it the first digital finance group to obtain such licenses under the new regulatory framework. Wu Blockchain announced the in-principle approval of Hong Kong SFC licenses 1 and 7 VATP, making HKbitEX the fourth licensed crypto exchange in Hong Kong. It claims to be the first digital financial group with a full virtual asset license in HK. HKbitEX issued the first Hong Kong real…
The approval of Type 1 and Type 7 VATP licenses highlights HKbitEX’s dedication to compliance, investor protection, and innovation in the ever-changing cryptocurrency landscape.
HKbitEX is now in a position to provide a wide range of services, including automated trading and over-the-counter (OTC) transactions for popular virtual assets such as Bitcoin and Ethereum, as well as virtual asset-to-fiat conversion solutions.
Once HKbitEX receives approval for token listings from the SFC, it plans to introduce automated trading for its tokenized products, including security tokens (STOs). This move is expected to increase liquidity in the secondary market and offer investors diverse opportunities in the digital asset space.
Looking to the future, Dr. Gao Han, CEO of HKbitEX, is optimistic about the prospects of digital finance in Hong Kong. He emphasizes the significance of regulatory approval for VATP licenses in boosting investor confidence and driving the growth of the digital asset market.
As HKbitEX continues to expand its offerings and services, it is well-positioned to play a crucial role in shaping the future of crypto in Hong Kong and beyond.