HKVAX

What HKVAX does

HKVAX (Hong Kong Virtual Asset Exchange Limited) is a Hong Kong-based, privately held virtual asset trading platform founded in 2019. It operates under Hong Kong Securities and Futures Commission (SFC) Type 1 (dealing in securities), Type 7 (automated trading services), and AMLO licenses, alongside a Trust or Company Service Provider (TCSP) license held continuously since 2019. The company is one of seven virtual asset trading platforms licensed by the SFC, alongside established peers HashKey and OSL. HKVAX exclusively serves professional and institutional investors, including venture capital firms, brokerage firms, high net worth individuals, asset managers, quantitative funds, private equity firms, and hedge funds.

The platform is built around four integrated product lines: (1) OTC Brokerage, providing customized fiat-to-virtual-asset trading (USD/HKD against BTC, ETH, USDT, USDC) with T+0 settlement and 24/7 global coverage; (2) Exchange, an institutional-grade venue with a proprietary high-performance matching engine, tailored listing rules for virtual assets and security tokens, and deep market liquidity; (3) Custody, an SFC-compliant vault solution with insurance coverage, 24/7 monitoring, and a target client base that includes banks, stablecoin issuers, money services operators, and tokenization projects; and (4) Tokenization, a one-stop STO and real-world-asset (RWA) listing service that integrates the proprietary AML tracking and custody solutions across both primary and secondary trading.

HKVAX monetizes primarily through transaction fees on brokerage and exchange activity, supplemented by recurring managed-services revenue from custody and tokenization mandates. Go-to-market is direct enterprise field sales in Hong Kong, augmented by a partnership ecosystem spanning Microsoft Hong Kong (cloud and infrastructure), Deloitte (advisory and audit), Elliptic and Bitrace (blockchain analytics and AML), KYC-Chain (digital identity), and Polymath (security token infrastructure). A February 2025 alliance with Dubai-based Tokinvest signals intent to extend distribution beyond Hong Kong. Revenue, funding amounts, and detailed headcount are not publicly disclosed.

Name

HKVAX

Legal name

Hong Kong Virtual Asset Exchange Limited

Website

https://hkvax.com

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

11–50 employees

Short description

HKVAX is a Hong Kong-based, SFC-licensed (Type 1, 7, AMLO) virtual asset trading platform founded in 2019, offering brokerage, exchange, custody, and tokenization services exclusively to professional and institutional investors.

Ownership category

akta.pro rank

Product category

Institutional Virtual Asset Exchange

NAICS

Securities and Commodity Exchanges (52321), Securities and Commodity Contracts Intermediation and Brokerage (5231), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Crypto Custody & Exchange Wallet Services (Integrated) (FSADAAAG)

akta.pro secondary industries

RWA Tokenization Platforms (asset onboarding, structuring, issuance) (FSAPAIAC), Digital Asset Custody & Tokenization Servicing (FSAAAOAO), Tokenized Securities & Capital Markets Infrastructure (equities, bonds, funds, ATS/MTF connectivity) (FSAPAIAD), Margin Trading & Collateralized Borrowing (Exchange-Operated) (FSADAAAL)

Keywords

• Virtual asset trading
• OTC brokerage services
• Institutional custody solutions
• Security token offerings
• Real-world asset tokenization

Headquarters

HQ city

Hong Kong

HQ country

Hong Kong SAR China

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales

Revenue model

1. Brokerage Services: Over-the-counter (OTC) trading services for institutional and professional investors with fiat currency (USD or HKD) and virtual assets (BTC, ETH, USDT and USDC) trading pairs.
2. Exchange Trading: Institutional-grade virtual asset trading platform with 24/7 real-time transactions. Commission-based trading fees from institutional investors trading on the platform.
3. Custody Services: Comprehensive custody solution suitable for Banks, Stablecoin issuers, MSOs and Tokenised projects. SFC-compliant insurance coverage for custodied virtual assets with 24/7 monitoring.
4. Tokenization and Listing Services: One-stop solution for tokenization and listing including tokenized securities (STO) or real-world assets (RWA).

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

HKVAX operates an SFC-licensed (Type 1, 7, and AMLO) virtual asset trading platform offering institutional-grade brokerage, exchange, custody, and tokenization services to professional investors. The platform facilitates fiat-to-virtual-asset OTC trading with T+0 settlement, 24/7 exchange trading of virtual assets and security tokens via a proprietary matching engine, TCSP-licensed custody with SFC-compliant insurance, and end-to-end tokenization of securities (STO) and real-world assets (RWA).

Product overview

HKVAX is a virtual asset services platform offering a unified ecosystem for professional investors and institutions. The core offering consists of four integrated products: Brokerage services (customized OTC trading between fiat and virtual assets with same-day settlement), Exchange (institutional-grade 24/7 trading platform with high-performance matching engine), Custody (TCSP-licensed secure vault solutions with insurance coverage), and Tokenization (end-to-end solution for security tokens and real-world assets). The platform is specifically designed for professional investors including venture capitals, brokerage firms, high net worth individuals, institutional investors, asset management firms, quantitative funds, private equities, and hedge funds.

Differentiator

Problem solved

Functional benefit

Products and services

• Brokerage Customized over-the-counter (OTC) trading services between fiat currency (USD or HKD) and virtual assets (BTC, ETH, USDT, USDC) for institutional and professional investors. Includes privileged OTC/brokerage services with same-day (T+0) settlement, transparent and competitive pricing, and 24/7 global coverage trading assistance.
• Exchange Institutional-grade virtual asset trading platform built for professional investors to trade virtual assets and security tokens. Features tailored listing rules and guidelines for virtual assets and security tokens, a proprietary high-performance matching engine, and 24/7 real-time transactions with deep market liquidity.
• Custody Proprietary custody solution for virtual assets, operated under a Trust or Company Service Provider (TCSP) license since 2019 and compliant with all VASP Guidelines. Suitable for banks, stablecoin issuers, MSOs, and tokenised projects. Features highest industrial physical and cybersecurity standard vaults, SFC-compliant insurance coverage, support for broad categories of virtual assets, immediate access, and 24/7 monitoring.
• Tokenization One-stop solution for tokenization and listing, including tokenized securities (STO) or real-world assets (RWA). Includes SFC-compliant AML tracking and SFC-compliant custody, and handles both primary and secondary trading of tokenized instruments.

Quantifiable outcome

• One of seven licensed virtual asset trading platforms in Hong Kong

Named customers9 records

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• BitracecoreStrategic or Co-development Partner · 20 March 2025HKVAX and Bitrace formed a strategic partnership to enhance compliance and security in the crypto industry. This collaboration focuses on compliance monitoring and blockchain analytics to strengthen anti-money laundering (AML) capabilities.
• TokinvestminorStrategic or Co-development Partner · 17 February 2025HKVAX and Tokinvest announced a strategic alliance bridging Hong Kong and Dubai's digital future, expanding cross-border digital asset services.
• Microsoft Hong KongcoreTechnology or IntegrationHKVAX collaborated with Microsoft Hong Kong to build enterprise-grade digital asset trading infrastructure. This partnership enhances HKVAX's technology capabilities for providing secure, scalable digital asset services.
• Victory SecuritiesminorStrategic or Co-development PartnerHKVAX and Victory Securities formed a strategic partnership to advance virtual asset services in Hong Kong. Victory Securities is a licensed corporation licensed under the SFO for Type 1, 2, 4 and 6 regulated activities.
• DeloittecoreStrategic or Co-development PartnerDeloitte is listed as a strategic partner, providing professional services including compliance consulting and audit support.
• EllipticcoreTechnology or IntegrationElliptic provides blockchain analytics and compliance solutions for cryptocurrency AML compliance, integrated into HKVAX's platform.
• KYC-ChaincoreTechnology or IntegrationKYC-Chain provides digital identity and KYC solutions integrated into HKVAX's compliance framework.
• PolymathcoreTechnology or IntegrationPolymath provides security token infrastructure for tokenization and STO services.

Scale indicators1 record

Recent moves6 records

Expansion highlights6 records

Direct peers

• Paxos: Regulated blockchain infrastructure platform offering custody, tokenization and stablecoin issuance under NYDFS supervision. Closely comparable to HKVAX's tokenization and institutional custody stack.
• FalconX: Institutional digital asset brokerage and prime brokerage providing OTC trading, custody access and credit to funds, market makers and corporates. Comparable as institutional-focused crypto trading intermediary.
• Bullish: Institutional-grade crypto exchange offering deep liquidity, lending and custody with a focus on professional traders and market makers. Comparable in target customer (institutional/professional) and regulated exchange positioning.
• HashKey Exchange: One of the leading SFC-licensed virtual asset trading platforms in Hong Kong, offering spot brokerage, custody and tokenization services to professional investors. Directly comparable in geography, licensing regime and institutional client focus.
• Zodia Markets: Institution-only crypto broker backed by Standard Chartered providing OTC trading, lending and custody across regulated jurisdictions. Comparable institutional crypto brokerage model under bank-grade compliance.
• Anchorage Digital: US-licensed institutional digital asset platform providing custody, trading and staking for banks, asset managers and corporates. Comparable institutional custody-plus-trading model under a regulated framework.
• Fireblocks: Institutional digital asset custody and settlement infrastructure used by exchanges, banks and trading firms. Comparable as backend infrastructure provider for institutional crypto trading and custody.
• OSL (BC Technology Group): Pioneering SFC-licensed digital asset platform in Hong Kong providing brokerage, custody, exchange and tokenization services to institutions. Closely matches HKVAX's product mix and regulated positioning.

Broad incumbents

• Coinbase: Largest US-regulated crypto exchange offering spot trading, custody (Coinbase Prime), staking and tokenization infrastructure to institutions globally. Overlaps significantly with HKVAX's institutional offering but at much larger scale and broader geographic footprint.
• Gemini: US-regulated crypto exchange and custodian serving both retail and institutional clients with custody, clearing and staking services. Comparable regulated exchange-and-custody offering targeted at professional investors.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/hkvax
• Xx.com/hkvax

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about HKVAX