In what comes as a exceptional achievement inside the cryptocurrency panorama, Hong Kong’s HKbitEX, a digital asset buying and selling platform (VATP), lately secured the Nation’s regulatory physique’s ( Securities and Futures Commission, aka SFC) approval for the conduction of two sorts of buying and selling actions, Type 1 (dealing in securities) and Type 7 (offering automated buying and selling companies), marking a pivotal transfer throughout the business. Coming beneath the broader umbrella of buying and selling companies facilitated inside the Securities and Futures Ordinance (SFO), a laws that governs the securities and futures markets in Hong Kong, this license additional jacks up the agency’s positioning inside Hong Kong’s cryptographic sector.
Meanwhile, its mum or dad firm, Taiji Capital, morphed into the primary digital finance group in Hong Kong to safe a whole digital asset license beneath the nation’s new VASP licensing regime, with the aforestated licensing weighing in. This transfer by the VATP and its company mum or dad echoed a frenzy throughout Hong Kong’s digital asset house.
HKbitEX CEO Spotlights The Landmark Achievement
The CEO of HKbitEX and Chairman of Taiji Capital, Dr. Gao Han, underscored the significance of HKbitEx’s approval in Hong Kong’s VATP panorama. Aligning with this, Gao said, ” HKbitEX’s in-principle approval of the digital asset buying and selling platform license implies that HKbitEX has met regulatory necessities when it comes to inner management, compliance, anti-money laundering, system safety and investor safety. Further, digital asset buying and selling platform licensing is yet one more vital milestone for Taiji Capital in enhancing the brand new digital monetary ecosystem.”
In addition to this, Taiji Capital robustly participates in creating a compliant stablecoin ecosystem in Hong Kong. HKbitEX, as a subsidiary of Taiji Capital, can supply pure utility situations for stablecoin, enabling customers to make the most of stablecoins on the platform to commerce STO shortly forward. This additional anchored the agency’s foothold throughout the sector, empowering the settlement of each property and foreign money certificates, whereas additionally enhancing transaction effectivity, and decreasing settlement dangers, Dr. Gao Han added.
Also Read: US SEC Leverages Judge Failla Ruling in Coinbase Case to Binance, CZ Lawsuit
HKbitEX’s Sister Company Further Aids Momentum
Pioneer Asset Management Limited, HKbitEX’s sister firm, obtained a license from the SFC in 2023, allowing it to supervise digital asset portfolios and supply recommendation on digital property, coming as a monumental achievement for the agency. Later the identical 12 months, Pioneer made historical past by issuing Hong Kong’s first tokenized retail property fund, rising because the nation’s first such exercise licensed by the Securities and Futures Commission.
This, when coupled with the abovementioned VATP licensing, additional anchors Taiji Capital’s panoramic worth proposition for Security Token Offerings (STOs), in flip staging the agency as a trailblazer.
Also Read: Crypto VC Fund Raises $75M From Marc Andreessen, Galaxy Digital Invest
The offered content material might embody the non-public opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any duty to your private monetary loss.
