1. BITBILIHome
  2. Article

OKX nearing historic crypto license in Hong Kong

• 107 views

TL;DR Breakdown

  • OKX is edging closer to obtaining a Virtual Asset Service Provider (VASP) license in Hong Kong, marking a significant milestone in its journey toward regulatory compliance. 
  • In preparation for this pivotal moment, OKX has initiated essential groundwork, including technology integration.

Description

OKX, a prominent cryptocurrency exchange, is edging closer to obtaining a Virtual Asset Service Provider (VASP) license in Hong Kong, marking a significant milestone in its journey toward regulatory compliance. The exchange anticipates receiving the final approval for its VASP license by March of the coming year. Li Zhikai, the Global Chief Commercial Officer of … Read more

OKX, a prominent cryptocurrency exchange, is edging closer to obtaining a Virtual Asset Service Provider (VASP) license in Hong Kong, marking a significant milestone in its journey toward regulatory compliance. The exchange anticipates receiving the final approval for its VASP license by March of the coming year.

Li Zhikai, the Global Chief Commercial Officer of OKX, revealed in an interview that they are actively engaged in discussions with banks and are eagerly awaiting the issuance of their license to commence operations in Hong Kong. In preparation for this pivotal moment, OKX has initiated essential groundwork, including technology integration.

Hong Kong embraced a pro-crypto stance in 2023, unveiling a licensing framework that permits cryptocurrency exchanges to extend their services to retail customers. This regulatory shift elicited interest from more than 80 cryptocurrency firms keen on establishing a presence in the region. However, only a select few, including HashKey and OSL, have successfully obtained the necessary licenses to commence retail cryptocurrency trading services.

HashKey, for instance, recently commenced offering retail crypto trading services to users in Hong Kong, starting on August 28th. The regulatory framework in Hong Kong presently restricts retail customers to trading Bitcoin (BTC) and Ether (ETH), a measure aimed at mitigating risks associated with investing in new cryptocurrencies. Additionally, the regulations impose a 30% cap on investors, limiting them to invest no more than one-third of their net income in cryptocurrencies.

OKX in Hong Kong

In addition to HashKey and OSL, other industry giants like Huobi and Gate.io have submitted applications for retail crypto trading services and are currently awaiting regulatory approval. It is worth noting that the Hong Kong Securities and Futures Commission (SFC) has imposed stringent requirements on virtual asset service providers compared to some other jurisdictions. 

Notably, the regulator mandates that crypto platforms offer insurance or compensation arrangements to safeguard clients’ interests. Furthermore, these exchanges are obligated to store 98% of their assets in cold wallet storage, enhancing security measures.

The imminent acquisition of a VASP license by OKX reflects the exchange’s commitment to regulatory compliance and aligning its operations with the evolving crypto landscape in Hong Kong. As the cryptocurrency industry continues to mature, regulatory frameworks like the one in Hong Kong play a pivotal role in instilling confidence among investors and fostering responsible growth within the sector.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

文章来源于互联网:OKX nearing historic crypto license in Hong Kong

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年9月4日 20:44
Next 2023年9月4日 21:46

Related articles

  • BlackRock introduces India to digital-first investment approach

    TL;DR Breakdown BlackRock, a global investment giant, partners with Jio Financial Services (JFS) to introduce a digital-first investment approach in India. The 50:50 joint venture, named Jio BlackRock, aims to revolutionize India’s asset management industry and democratize access to investment solutions. Jio BlackRock combines BlackRock’s investment expertise with JFS’s local market knowledge and digital infrastructure. Description A groundbreaking step into India’s digital investment landscape is set to be taken by BlackRock, the international investment powerhouse. Partnering with Jio Financial Services (JFS), an affiliate of Reliance Industries, a firm that holds the title of India’s most valued, BlackRock seeks to revolutionize India’s asset management industry by establishing a “digital-first offering.” Expanding horizons: … Read more A groundbreaking step into India’s digital investment landscape is set to be taken by BlackRock, the international investment powerhouse. Partnering with Jio Financial Services (JFS), an affiliate of Reliance Industries, a firm that holds the title of India’s most valued, BlackRock seeks to revolutionize India’s asset management industry by establishing a “digital-first offering.” Expanding horizons: BlackRock and Jio unite This unification of titans, labeled as Jio…

    Article 2023年7月28日

  • Delio to resume withdrawals after shocking suspension

    TL;DR Breakdown Delio, a prominent South Korean crypto lending platform, has announced that it will resume withdrawals after temporarily suspending them. Delio’s CEO, Jung Sang-ho mentioned that the withdrawals would be processed in phases. Delio had entrusted a significant portion of its clients’ funds to another South Korean crypto yield platform called Haru Invest. Haru Invest made headlines on June 13 when it suspended both deposits and withdrawals. Description According to a recent report from Decenter, a local news outlet, Delio, a prominent South Korean crypto lending platform, has announced that it will resume withdrawals after temporarily suspending them on June 14. However, the platform has not provided a fixed schedule for the withdrawals.  In a meeting held with investors on June 17, Delio’s … Read more According to a recent report from Decenter, a local news outlet, Delio, a prominent South Korean crypto lending platform, has announced that it will resume withdrawals after temporarily suspending them on June 14. However, the platform has not provided a fixed schedule for the withdrawals.  In a meeting held with investors on June…

    Article 2023年6月22日

  • Kevin O’Leary says more US banks will fail – His reasons are convincing

    TL;DR Breakdown Kevin O’Leary predicts that more regional U.S. banks will fail due to the cycle of Federal Reserve rate hikes. Despite a cooled off inflation, the Fed’s rates are continually rising, which O’Leary compares to incessantly squeezing a toothpaste tube until it breaks. Description A startling revelation from the discerning business mogul Kevin O’Leary has sent ripples across the financial sector. With his prediction that the incessant cycle of Federal Reserve rate hikes is poised to push more U.S. regional banks into the murky waters of failure, it’s time to buckle up and take heed. As a shrewd investor … Read more A startling revelation from the discerning business mogul Kevin O’Leary has sent ripples across the financial sector. With his prediction that the incessant cycle of Federal Reserve rate hikes is poised to push more U.S. regional banks into the murky waters of failure, it’s time to buckle up and take heed. As a shrewd investor and one who doesn’t mince words, O’Leary’s argument holds a convincing weight that we ought to consider critically. O’Leary brings up the…

    Article 2023年7月28日

  • FDIC says it messed up with First Republic Bank – This is why

    TL;DR Breakdown The FDIC acknowledges oversight failures in the near-collapse of First Republic Bank. First Republic’s unchecked rapid growth, reliance on uninsured deposits, and inability to handle interest rate risks were evident vulnerabilities. Despite these red flags, FDIC gave the bank top ratings for liquidity risk management in 2021. Description The financial landscape faced another jolt this year when First Republic Bank teetered on the brink of collapse. But as fingers are pointed and accountability sought, the Federal Deposit Insurance Corporation (FDIC) admits its role in the debacle. A Missed Beat in Regulation California’s gem, First Republic, once the epitome of banking prowess, spiraled into … Read more The financial landscape faced another jolt this year when First Republic Bank teetered on the brink of collapse. But as fingers are pointed and accountability sought, the Federal Deposit Insurance Corporation (FDIC) admits its role in the debacle. A Missed Beat in Regulation California’s gem, First Republic, once the epitome of banking prowess, spiraled into chaos, culminating in its near-demise this year. The root cause? A lack of confidence in the market…

    Article 2023年9月9日

  • White House warned over allowing US funds in Chinese markets

    TL;DR Breakdown The White House is urged to include public markets in its forthcoming restrictions on U.S. investments in China. Critics warn that excluding public market investments fails to address the majority of the security threat from China. The new executive order, expected soon, aims to restrict U.S. capital flow to entities linked to China’s military. Description The White House finds itself under renewed scrutiny as the head of the House China committee calls for comprehensive restrictions on U.S. investments in China’s public markets. With a new executive order on the horizon, lawmakers urge the White House to tackle the perceived security threat that Beijing poses, arguing that anything less will fall … Read more The White House finds itself under renewed scrutiny as the head of the House China committee calls for comprehensive restrictions on U.S. investments in China’s public markets. With a new executive order on the horizon, lawmakers urge the White House to tackle the perceived security threat that Beijing poses, arguing that anything less will fall short. A broadening of the limits While the White House…

    Article 2023年8月5日
TOP