OKX to Apply for a Hong Kong License

The cryptocurrency exchange OKX plans to open a Hong Kong subsidiary. This is stated in the company’s пресс-релизе.

The platform will also apply for a license as a virtual asset service provider (VASP).

OKX representatives noted that preparations for the launch had been ongoing for a year. The company has been adjusting to local regulatory requirements in terms of ‘standards of organisation, product, security and compliance’.

“Thanks to the new VASP regime, the Hong Kong government has created a robust regulatory framework and the conditions necessary to become a leading global hub for digital assets. We look forward to the approval of the applications for the relevant licenses,” said Lennix Lai, managing director of OKX.

Earlier, Huobi filed a similar application for a VASP license. Justin Sun, founder of Tron and a member of the exchange’s advisory board, spoke of plans to launch a new trading platform in the jurisdiction.

In February 2023, Hong Kong’s Financial Secretary Paul Chan said that authorities would allocate around $6.4 million to accelerate the development of the local Web3 ecosystem.

Earlier, reports in March noted that several large Chinese banks opened accounts or sent requests to cooperate with crypto firms based in the jurisdiction.

Former BitMEX CEO Arthur Hayes has suggested that China is trying to return to the crypto industry through Hong Kong.