19.8 C
London
Saturday, July 20, 2024
HomeBlockchain/BitcoinHKbitEX Receives Regulatory Approval-in-Principle for Virtual Asset Trading

HKbitEX Receives Regulatory Approval-in-Principle for Virtual Asset Trading

Date:

Related stories

Policeman Stabbed In Paris, One Week Before Olympic Games

A policeman was stabbed in Paris, according to reports by Parisian police on Thursday. The stabbing took place at the center of the city, near the Arc de Triomphe, a hot spot for tourists. 10 million tourists are expected to travel to the city for the ...

Trump Speaks With Zelensky, Advocates for Peace

Former President Donald Trump had a phone call with Ukrainian President Volodymyr Zelensky on Friday, during which he declared that he will “bring peace” to the region if he is reelected. The former President posted on Truth Social about the call and v...

Top Study: Covid Shots Directly Linked to Sudden Deaths Surge

An explosive new study has provided evidence of a direct link between Covid mRNA injections and the global surge in sudden deaths. The post Top Study: Covid Shots Directly Linked to Sudden Deaths Surge appeared first on Slay News.

Global Surge in Child Heart Failure Caused by Covid Shots, Top Study Confirms

A major new study has finally confirmed the cause of soaring heart failure cases among children that are being reported all around the world. The post Global Surge in Child Heart Failure Caused by Covid Shots, Top Study Confirms appeared first on Slay ...

HKbitEX, affiliated with Tykhe Capital Group Limited, has announced that it received preliminary approval from the Hong Kong Securities and Futures Commission (SFC) for Type 1 (dealing in securities) and Type 7 (providing automated trading services) licenses under the Securities and Futures Ordinance (SFO).

According to the company’s statements, this development positions Tykhe Capital Group as the first to navigate the comprehensive licensing path for virtual asset services under Hong Kong’s newly established Virtual Asset Service Provider (VASP) regime.

With these approvals, HKbitEX aims to expand its offerings to include automated trading and Over-The-Counter (OTC) services for recognised virtual assets like Bitcoin and Ethereum.

The company also plans to engage in automated trading for tokenised products, pending further SFC approvals, which could potentially enhance the liquidity in the secondary market for these assets, according to the company.

In addition, HKbitEX’s sister company, Pioneer Asset Management Limited, was previously licensed to manage and advise on virtual assets comprehensively. Pioneer has issued what is reported as Hong Kong’s first tokenised retail property fund.

According to Dr Han Gao, CEO of HKbitEX, the SFC’s provisional nod acknowledges the company’s dedication to rigorous internal controls, compliance, anti-money laundering practices, and investor protection measures.

HKbitEX Receives Regulatory Approval-in-Principle for Virtual Asset Trading

Dr Han Gao

“This license is another step forward in our journey to create a new digital finance ecosystem,”

Dr Han stated, underscoring the company’s commitment to regulatory adherence and innovation in the digital finance sector.

He also highlighted preparations for engaging with Hong Kong’s regulated stablecoin regime, aiming to incorporate stablecoins into the platform to enable instant STO settlements, which could potentially improve transaction efficiency and reduce settlement risks.

Featured image credit: Edited from Freepik

The post HKbitEX Receives Regulatory Approval-in-Principle for Virtual Asset Trading appeared first on Fintech Hong Kong.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories