OKX Plans to Apply for Virtual Asset License in Hong Kong

 OKX Cryptocurrency Exchange to Apply for Virtual Asset License in Hong Kong

OKX, a leading cryptocurrency exchange, has announced its plan to apply for the virtual asset service provider (VASP) license under the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Ordinance 2022, set to take effect on June 1st, as well as “Type 1 and 7” licenses under the Securities and Futures Ordinance in Hong Kong. The type 1 license is for dealing in securities while type 7 is for automated trading services. The move is part of the company's commitment to investing in the talent and working with regulators over the next five years.

According to Christopher Hui, Hong Kong’s Secretary for Financial Services and the Treasury, over 80 foreign and mainland China companies have expressed interest in establishing digital asset operations in Hong Kong, ahead of new crypto regulations that will take effect from June. These regulations aim to increase investor protection and prevent money laundering.

Hong Kong’s government has allocated HK$50 million (US$6.37 million) to develop the sector, which Financial Secretary Paul Chan calls a “golden opportunity” to lead innovative development. The move is expected to further boost the development of the digital asset industry in the region, attracting more investments and talents.

With the new licenses, OKX aims to establish itself as a leading player in the Hong Kong digital asset market. The company hopes to provide its users with a secure and regulated trading platform for cryptocurrencies, offering them the opportunity to trade with confidence.

In conclusion, OKX's move to apply for the virtual asset license and securities licenses in Hong Kong highlights the growing importance of the digital asset industry in the region. The company's efforts to establish itself as a leader in this market will likely attract more investors and further boost the development of the digital asset sector in Hong Kong