OKX to Launch Hong Kong Entity, Apply for Virtual Asset Licenses
The announcement comes after more than a year of preparation by OKX to fulfill anticipated regulatory requirements from organizational, product, security and compliance standpoints.
March 28, 2023 - OKX, a crypto exchange and Web3 technology company announced it has set up a Hong Kong entity for launching virtual asset services in Hong Kong. It now intends to apply for the virtual asset service provider (VASP) licence under the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Ordinance 2022 which is scheduled to take effect on 1 June 2023, and the Type 1 & 7 licences under the Securities and Futures Ordinance.
OKX Managing Director of Global Institutional Lennix Lai said: "Regulation and licensing are key to the future success of the crypto and Web3 sectors. At OKX, 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."
Over the past several years, Hong Kong has become a destination for the crypto industry, and will be increasingly important for OKX and many other innovative firms, entrepreneurs and top talents as regulation develops.
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