HKVAX Allies With Magic Circle to Bring Security Tokens to Hong Kong
HKVAX, a Hong Kong-based virtual asset trading platform, has formed a strategic partnership with Magic Circle, an STO solution provider, to provide services for customers in Hong Kong and Asia seeking to take advantage of security tokens (STOs). This comes as the Securities & Futures Commission of Hong Kong (“SFC”) moves closer to fully regulating cryptocurrency in 2021.
Hong Kong is considered to be one of the crypto friendliest and supportive places in Asia and will soon become a financial hub for tokenized securities (STOs).
HKVAX, short for Hong Kong Virtual Assets Exchange Private Limited, is a virtual assets exchange that provides professional virtual assets trading and customized services for institutions looking to invest in the virtual assets and financial technology sectors.
Magic Circle is dedicated to providing solutions and tools for both digital securities issuers and investors, helping clients invest in STOs and trade flexibly in a compliant and convenient process, while developing a global investor network. Magic Circle is already helping several Chinese and foreign companies adopt STOs. Magic Circle has also developed and designed a set of chain-neutral STO compliance issuance platforms, compliance trading protocols, digital identity and ST wallet tools.
Through the strategic partnership with HKVAX, Magic Circle will support and promote the business expansion of HKVAX, to collectively establish a trading market that complies with Hong Kong securities regulations. At the same time, HKVAX will also cooperate with Magic Circle to support the technical infrastructure of its issuance platform.
“Magic Circle is a global leader in asset tokenization technology with previous STO experiences in US & China,” said Matthew Cheung, Chief Strategy Officer of HKVAX. “We believe through partnering with Magic Circle, we can bring the best virtual asset offerings to our Asia customers.”
“Digital assets has already formed a global trend and consensus, and more and more financial institutions and investors are starting to invest in it. And compliance is a common need for market participants and regulators. We are honoured to have the opportunity to cooperate with HKVAX to jointly promote compliant digital asset issuance and trading, explore innovative digital asset products and issuance and trading methods, and improve the related technical infrastructure together,” said Doer Qu, CEO of Magic Circle.
Photo by Ruslan Bardash on Unsplash
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