OKX, a crypto exchange based in Seychelles, has declared its intention to offer virtual asset services in Hong Kong. They have established a new company there to do this.
They announced its plan to apply for two types of licences under the Securities and Futures Ordinance, as well as the virtual asset service provider (VASP) licence under the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Ordinance 2022.
The licences, which are due to take effect on 1 June, will allow them to provide dealing in securities and automated trading services.
OKX Managing Director of Global Institutional, Lennix Lai, said:
Regulation and licensing are key to the future success of the crypto and Web3 sectors. We see immense potential in Hong Kong, and are committed to investing in talents and working with regulators over the next five years to continue building the local ecosystem. Through the new VASP regime, the Hong Kong government has created a robust regulatory framework and the right conditions for Hong Kong to become a world-leading virtual asset hub. We’re looking forward to applying for the relevant licences via our Hong Kong entity.
OKX General Counsel Bing Zhao, said:
OKX has an ambitious vision when it comes to pursuing licenses in relevant and appropriate jurisdictions, and we are committed to working with the SFC throughout the application process. We take security, custody, AML and compliance very seriously and are keen to demonstrate how we can meet and exceed the robust standards expected of virtual asset service providers under this regulatory regime.
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