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OKX, a cryptocurrency exchange, has reportedly been progressing toward obtaining a Virtual Asset Service Provider (VASP) license in Hong Kong. OKX’s chief business officer, Li Zhikai, said the company is finishing the license application process. As a result, June 2024 has been set as the target for the exchange’s full launch.
OKX’s Growth-Oriented Strategic Steps
Additionally, Li Zhikai claimed that the company expects to acquire between 100,000 and 200,000 retail consumers in Hong Kong within the first year after obtaining the VASP license. The exchange is working on a foundation like technological integration in addition to its primary goal of expanding into the retail sector. Since traditional financial institutions have always taken a skeptical stance toward the cryptocurrency market, OKX constantly communicates with these organizations.
Li Zhikai also discussed the cooperation between the company and the English soccer club Manchester City. He expects that through forming this alliance, the people of Hong Kong would be better informed about the virtual currency business and its governance.
A Rich Soil for Crypto
Hong Kong has supported the digital currency industry as a jurisdiction. HashKey, the city’s first regulated retail virtual asset exchange, began directly accepting USD and HKD deposits last month. Following in the footsteps of HashKey, more platforms like Huobi and Gate.io are awaiting regulatory certification.
The regulatory authority has displayed its cautiousness by first restricting retail trading in Hong Kong to Bitcoin and Ether. The percentage of one’s net income that may be invested is capped at 30%. These steps are designed to make crypto trading as safe and convenient as possible.
OKEx’s application for a VASP license in Hong Kong represents a major milestone for the exchange and Hong Kong’s efforts to establish itself as a leading cryptocurrency trading center on a worldwide scale. OKX is prepared to seize this new market opportunity, with some preparatory steps already taken.
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