HKbitEX Secures SFC Approval For VATP Type 1 & 7 Trading Activities

In what comes as a remarkable achievement within the cryptocurrency landscape, Hong Kong’s HKbitEX, a virtual asset trading platform (VATP), recently secured the Nation’s regulatory body’s ( Securities and Futures Commission, aka SFC) approval for the conduction of two types of trading activities, Type 1 (dealing in securities) and Type 7 (providing automated trading services), marking a pivotal move across the industry. Coming under the broader umbrella of trading services facilitated within the Securities and Futures Ordinance (SFO), a legislation that governs the securities and futures markets in Hong Kong, this license further jacks up the firm’s positioning within Hong Kong’s cryptographic sector.

Meanwhile, its parent company, Taiji Capital, morphed into the first digital finance group in Hong Kong to secure a complete virtual asset license under the nation’s new VASP licensing regime, with the aforestated licensing weighing in. This move by the VATP and its corporate parent echoed a frenzy across Hong Kong’s digital asset space.

HKbitEX CEO Spotlights The Landmark Achievement

The CEO of HKbitEX and Chairman of Taiji Capital, Dr. Gao Han, underscored the importance of HKbitEx’s approval in Hong Kong’s VATP landscape. Aligning with this, Gao stated, ” HKbitEX’s in-principle approval of the virtual asset trading platform license means that HKbitEX has met regulatory requirements in terms of internal control, compliance, anti-money laundering, system security and investor protection. Further, virtual asset trading platform licensing is yet another important milestone for Taiji Capital in improving the new digital financial ecosystem.”

In addition to this, Taiji Capital robustly participates in developing a compliant stablecoin ecosystem in Hong Kong. HKbitEX, as a subsidiary of Taiji Capital, can offer natural application scenarios for stablecoin, enabling users to utilize stablecoins on the platform to trade STO shortly ahead. This further anchored the firm’s foothold across the sector, empowering the settlement of both assets and currency certificates, while also enhancing transaction efficiency, and reducing settlement risks, Dr. Gao Han added.

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HKbitEX’s Sister Company Further Aids Momentum

Pioneer Asset Management Limited, HKbitEX’s sister company, obtained a license from the SFC in 2023, permitting it to oversee virtual asset portfolios and offer advice on virtual assets, coming as a monumental achievement for the firm. Later the same year, Pioneer made history by issuing Hong Kong’s first tokenized retail property fund, emerging as the nation’s first such activity authorized by the Securities and Futures Commission.

This, when coupled with the abovementioned VATP licensing, further anchors Taiji Capital’s panoramic value proposition for Security Token Offerings (STOs), in turn staging the firm as a trailblazer.

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