In late January 2025, YAX (Hong Kong) Limited, a wholly-owned subsidiary of UP Fintech, received official approval from the Hong Kong Securities and Futures Commission (HKSFC) for Type 1 (dealing in securities) and Type 7 (automated trading service) licenses. This regulatory achievement officially establishes YAX Hong Kong as a licensed virtual asset trading platform (VATP) in the region.
The acquisition of these licenses enables YAX Hong Kong to legally offer spot trading and custody services for major cryptocurrencies, including Bitcoin and Ether, as well as tokenized assets. This development is a critical step in UP Fintech's strategy to expand its footprint in the digital asset market and connect traditional financial assets with digital ones.
This regulatory approval enhances the company's competitive position in the evolving Web3 space, allowing it to capture a share of this rapidly growing asset class. It also provides a regulated and secure environment for clients to engage in virtual asset trading, reinforcing trust and potentially attracting new investors.
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