Hong Kong Digital Asset Ex Limited (HKbitEX) has announced the provisional approval of licenses 1 and 7 under the Virtual Asset Trading Platform (VATP) regime by the Securities and Futures Commission (SFC). This milestone positions HKbitEX as the fourth licensed crypto exchange in Hong Kong and the first digital financial group to secure full virtual asset licenses in the region.

HKbitEX Granted FVA Licenses

HKbitEX has received approval in principle for Full Virtual Asset Trading Platform Type 1 and Type 7 activities from the SFC, 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 underscores HKbitEX’s commitment to compliance, investor protection, and innovation in the rapidly evolving cryptocurrency landscape.

HKbitEX is poised to offer a wide range of services, including automated trading and over-the-counter (OTC) transactions for popular virtual assets like Bitcoin and Ethereum, as well as virtual asset-to-fiat conversion solutions. 

Upon obtaining approval for token listings from the SFC, HKbitEX plans to introduce automated trading for its tokenized products, including security tokens (STOs). This move is expected to enhance liquidity in the secondary market and provide investors with diversified opportunities in the digital asset space.

Also Read: SEC’s Legal Tactics: Applying Coinbase Ruling in Binance, CZ Lawsuits

Looking Ahead

With its newly acquired licenses, Dr. Gao Han, CEO of HKbitEX, expressed his optimism about the future of digital finance in Hong Kong. He emphasized the importance of regulatory approval for VATP licenses in enhancing investor confidence and promoting the growth of the digital asset market. 

Moving forward, HKbitEX continues to expand its offerings and services, it is poised to play a pivotal role in shaping the future of crypto in Hong Kong and beyond.

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