• Seychelles-based crypto exchange OKX is expanding its presence in Hong Kong by applying for virtual asset licenses and Type 1 and 7 licenses under the Securities and Futures Ordinance.
• The expansion plans involve setting up two entities in Hong Kong – a Fintech Company Limited to apply for broker and exchange licenses, and a Custody Limited to apply for a trust and company service provider license.
• OKX Managing Director of Global Institutional Lennix Lai believes that the new VASP regime created by the Hong Kong government will provide the right conditions for the region to become a world-leading virtual asset hub.
OKX Expands Presence in Hong Kong
Seychelles-based crypto exchange OKX has announced its plans to expand its presence in Hong Kong by applying for virtual asset licenses under the new regulatory regime as well as Type 1 and 7 licenses under the Securities and Futures Ordinance. It also plans to establish two entities in Hong Kong -Hong Kong Fintech Company Limited, which will apply for brokerage and exchange license, and Hong Kong Custody Limited, which will apply for trust and company service provider (TSCP) license holding assets.
New Regulatory Requirements
OKX said it has been working for more than a year to meet Hong Kong’s new regulatory requirements that seek to govern virtual asset service providers (VASPs), which will come into effect in June this year.
Robust Regulatory Framework
OKX Managing Director of Global Institutional Lennix Lai believes that the new VASP regime created by the Hong Kong government is a „robust regulatory framework“ that provides right conditions for the region to become a world-leading virtual asset hub.
Commitment To Invest In Talents
Lai added: “Regulation and licensing are key to the future success of the crypto and Web3 sectors. At OKX, we see immense potential in Hong Kong, and are committed to investing in talents and working with regulators”.
Future Of Crypto Exchange In HK
With these initiatives, OKX aims to build bridges between traditional financial markets with digital assets while creating an ecosystem of trust between investors, exchanges, regulators, institutions, banks, brokers etc., leading towards greater adoption of cryptocurrency trading services within HK market.