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OKX expands to Hong Kong, to apply for VASP license

crypto news neural networks city background general view bright neon color cyberpunk 1

crypto news neural networks city background general view bright neon color cyberpunk 1

OKX exchange has set up shop in crypto-friendly Hong Kong and is now on the verge of applying for a virtual asset service provider (VASP) license in the SAR.

OKX launching operations in Hong Kong 

OKX, the 7th-largest digital assets exchange in the world by trading volume according to CoinMarketCap, has become the latest exchange to expand operations to crypto-friendly Hong Kong.

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Per a March 28 press release by the Seycheles-based bitcoin (BTC) trading venue, OKX now has a presence in Hong Kong, and it’s now making plans to apply for a virtual asset service provider (VASP) license under the region’s anti-money laundering and counter-terrorist financing (amendment) ordinance 2022.

The ordinance, which is scheduled to take effect in June this year, requires all entities engaging in virtual asset exchange services to obtain a license from the securities and futures commission (SFC).

Hong Kong embracing web3 

While China has since outlawed crypto within its shores, in favor of its digital yuan CBDC development, the city of Hong Kong is increasingly becoming a hotbed for innovative technologies, thanks to its amenable regulations.

“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.”

Bing Zhao, OKX general counsel.

A good number of web3 projects and businesses have set up shop in Hong Kong in recent months, including Huobi, Binance, Gate.io, and a host of others. In related news, OKX released the roadmap of its blockchain network dubbed OKB Chain (OKBC) on March 27. 

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