Hong Kong Crypto Exchange OSL Obtains Licenses for Crypto Trading Services

The approval-in-principle, announced on 11 August by HKVAX, signifies a significant step forward for the crypto exchange. A Type 1 license allows HKVAX to operate a digital asset trading exchange that engages with securities. A Type 7 license, on the other hand, allows it to provide automated trading services to both retail users and institutional investors.

With this step, the exchange wants to tap into the potential of Web3 investment avenues. Once it receives the final approval, HKVAX plans to offer multiple services. These include an over-the-counter brokerage. It allows seamless trading between fiat and digital assets, an institution-grade exchange, and a secure custody solution for digital assets.

Anthony Ng, HKVAX’s co-founder and CEO, expressed optimism about the exchange’s growth trajectory. Ng noted that as HKVAX expands, it will further diversify its product offerings within the Hong Kong market.The timing of HKVAX’s approval aligns with Hong Kong’s broader engagement with the crypto market.

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