aax hong kong
AAX Launches Crypto Trading In Hong Kong With London Stock Exchange Tech
November 9, 2019
aax hong kong
AAX Launches Crypto Trading In Hong Kong With London Stock Exchange Tech
November 9, 2019

Atom Group’s, Atom Asset Exchange (AAX), a Hong Kong-based derivatives exchange is launched despite a tight crypto regulation in the country.

On Nov. 7, South China Morning Post (SCMP) reported that the Atom Asset Exchange (AAX) uses the Millennium Exchange matching engine that is developed by the London Stock Exchange. It assures its clients of lower trade latency and trade data transparency.

Hong Kong’s Regulatory Regime

The launch comes just comes after the next day of Hong Kong’s securities regulator, the Securities and Futures Commission (SFC) released new guidance for domestic cryptocurrency exchanges.

The SFC stated that a license or authorization would be required for cryptocurrency futures products until an exemption is applied:

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“Hong Kong hosts dozens of virtual asset trading platforms which pose serious investor protection concerns. A number of these may decide not to seek an SFC license under the new regulatory framework. This is a course of action which is open to them simply by ensuring that no virtual asset traded on their platforms is a ‘security’ or ‘futures contract.’”

Recent reports show that Hong Kong’s securities and exchange regulator struggles to clear off licensing hurdles, one year after launching a licensing scheme for crypto fund managers. The licenses introduced by Hong Kong’s SFC in October 2018 have apparently led to few approvals.

Source: South China Morning Post

Image: Economynext.com


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Jafrin Ahmed

Crypto newbie passionate about creating resourceful content on blockchain technology, cryptocurrencies and decentralized apps.