OKX will apply for Hong Kong VASP and Type 1 and seven licenses beneath the Securities and Futures Ordinance, following a yr of preparation and organizational design.
OKX, the world’s second-largest crypto alternate, has arrange a Hong Kong entity to launch digital asset providers in Hong Kong. It intends to apply for a VASP licence beneath the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Ordinance 2022 and Type 1 & 7 licences beneath the Securities and Futures Ordinance.
OKX has been getting ready for regulatory necessities for over a yr.
OKX Managing Director Lennix Lai believes that regulation and licensing are key to the long run success of the crypto and Web3 sectors. Through the brand new VASP regime, the Hong Kong authorities has created a strong regulatory framework and the appropriate circumstances for Hong Kong to develop into a world-leading digital asset hub. OKX is dedicated to investing in skills and dealing with regulators over the subsequent 5 years to proceed constructing the native ecosystem.
OKX has an formidable imaginative and prescient to pursue licenses in related jurisdictions and is dedicated to working with the SFC all through the applying course of. They take safety, custody, AML and compliance significantly and are eager to meet and exceed the requirements anticipated of digital asset service suppliers.
Hong Kong has develop into a vacation spot for the crypto business, making it an essential location for OKX and different revolutionary companies, entrepreneurs and high skills as regulation develops.