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Home Crypto Exchanges

OKX Will Apply For A License To Trade Virtual Assets In Hong Kong

Hania by Hania
March 29, 2023
in Crypto Exchanges
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OKX Will Apply For A License To Trade Virtual Assets In Hong Kong
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OKX, a cryptocurrency exchange based in Seychelles, announced On Tuesday that it has built a Hong Kong office and will apply for virtual asset licenses to offer digital asset services in the city.

Quick facts

  • OKX’s managing director of global institutional, Lennix Lai, said in the announcement, “We see immense potential in Hong Kong and are dedicated to investing in people and collaborating with regulators over the next five years.”
  • OKX stated that it intends to submit an application for a virtual asset service provider (VASP) license underneath the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Ordinance 2022, which will go into effect on June 1.

OKX Will Apply For A License To Trade Virtual Assets In Hong Kong

  • In addition, it will submit an application for “Type 1 and 7” licenses under the Securities and Futures Ordinance. According to the Securities and Futures Commission in the city, the type 1 license is for dealing in securities while type 7 is for automated trading services.
  • Christopher Hui, Hong Kong’s Secretary of Financial Services and the Treasury stated last week that over 80 global and mainland China companies have shown interest in establishing digital asset operations in Hong Kong before to the June launch of the fresh crypto regulations.
  • Last month, Hong Kong’s Financial Secretary announced the government will allocate HK$50 million ($6.37 million) for the sector, which he called a “golden opportunity.”

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Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

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