OKX cryptocurrency exchange is in the final stages of acquiring a virtual asset service provider license (VASP) in Hong Kong. Li Zhikai, the global chief commercial officer of OKX, said that they are actively engaged in a dialogue with the banks and are currently waiting for the group to be issued a license and start a business. Hong Kong became a pro-crypto nation in 2023 and announced a licensing regime for crypto exchanges to offer their services to retail customers. HashKey and OSL have already gained the necessary license to start retail crypto trading services. HashKey started offering retail crypto trading services to Hong Kong users on Aug. 28. The regulations also put a 30% cap on investors that only allows them to invest one-third of their net income. Apart from HashKey and OSL, Huobi and Gate.Io have also applied for retail crypto trading services and are currently waiting to get the regulatory nod. The Hong Kong Securities and Futures Commission (SFC) has a stricter requirement for virtual asset service providers. The regulator has made it compulsory for crypto platforms to offer insurance/compensation arrangement requirements to help protect clients. Apart from that the crypto exchanges are required to hold 98% of assets in cold wallet storage. Cointelegraph reached out to OKX to get their views on the regulatory experience and their expectations from the Hong Kong retail market but didn’t get an immediate response. OKX cryptocurrency exchange is in the final stages of acquiring a virtual asset service provider license (VASP) in Hong Kong. Li Zhikai, the global chief commercial officer of OKX, said that they are actively engaged in a dialogue with the banks and are currently waiting for the group to be issued a license and start a business. Hong Kong became a pro-crypto nation in 2023 and announced a licensing regime for crypto exchanges to offer their services to retail customers. HashKey and OSL have already gained the necessary license to start retail crypto trading services. Regulations put a 30% cap on investors that only allows them to invest one-third of their net income. Huobi and Gate.Io have also applied for retail crypto trading services and are currently waiting to get the regulatory nod. The Hong Kong Securities and Futures Commission (SFC) has a stricter requirement for virtual asset service providers, requiring crypto platforms to offer insurance/compensation arrangement requirements to help protect clients and hold 98% of assets in cold wallet storage. Cointelegraph reached out to OKX to get their views on the regulatory experience and their expectations from the Hong Kong retail market but didn’t get an immediate response.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Asia |
| Countries | 🇭🇰 🇸🇦 |
| Sentiment | neutral |
| Relevance Score | 8 |
| People | OSL, HashKey, Huobi, Gate.Io, Li Zhikai |
| Companies | OSL, HashKey, Huobi, Gate.Io, Hong Kong Securities and Futures Commission (SFC) |
| Currencies | OSL AI, OKX Staked DOT2, Hashkey EcoPoints, Ethereum, Bitcoin |
| Securities | None |
