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.
- 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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