OKX exchange is about to submit an application for a virtual asset service provider (VASP) license in the SAR.
The latest exchange to expand operations to cryptocurrency-friendly Hong Kong is OKX, which is the seventh-largest digital asset exchange in the world by trading volume.
The Seychelles-based bitcoin (BTC) trading platform OKX announced in a press release on March 28 that it has a presence in Hong Kong and is preparing to apply for a license as a virtual asset service provider (VASP) under the region’s anti-money laundering and counter-terrorist financing (amendment) ordinance 2022.
The legislation mandates that all organizations providing virtual asset exchange services obtain a license from the Securities and Futures Commission before it goes into force in June of this year.
Hong Kong Embracing Web3
Although China has subsequently banned cryptocurrencies within its borders in favor of the development of its digital yuan CBDC, the city of Hong Kong is fast becoming into a hub for cutting-edge innovations thanks to its tolerant policies.
“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.”
Huobi, Binance, Gate.io, and a host of other web3 initiatives and companies have opened offices in Hong Kong in recent months. In related news, on March 27 OKX published the plan for their blockchain network known as OKB Chain (OKBC).
