OKX Enters Final Stage Of HK VASP License Application
The virtual asset service provider licence (VASP) application process for the OKX bitcoin exchange has reached its conclusion.
In an interview, an executive from OKX stated that the company is now waiting for the group to file the licence application while also actively communicating with the banks. The cryptocurrency exchange has begun the preliminary tasks, like technological docking.
Hong Kong became a pro-crypto nation in 2023 and introduced a licensing regime for crypto exchanges to offer services to retail customers. Despite over 80 crypto firms initially interested in opening offices, only HashKey and OSL gained the necessary licenses to start retail crypto trading services. The regulatory body opened only Bitcoin and Ethereum trading for retail customers, reducing risk associated with investing in new tokens. Additionally, a 30% cap on investors was imposed, limiting investment to one-third of their net income.
(With inputs from Shikha Singh)
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