Claim BonusBreaking: Second Largest Crypto Exchange Announces Hong Kong Expansion
OKX, the world’s second-largest crypto exchange by trading volume, on Tuesday announced the launch of its Hong Kong entity. The newly established OKX entity will apply for virtual asset service provider (VASP) licenses under the Securities and Futures Ordinance.
As per the press release on March 28, OKX has set up an entity in Hong Kong for providing virtual asset services in the special administrative region. The exchange will apply for the virtual asset service provider (VASP) license under the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Ordinance 2022 and the Type 1 & 7 licenses under the Securities and Futures Ordinance.
“We see immense potential in Hong Kong, and are committed to investing in talents and working with regulators over the next five years to continue building the local ecosystem,” said Lennix Lai, managing director of global institutional at OKX.
Rising Crypto Adoption in Hong Kong
Amid the recent regulatory crackdown against crypto in the US, crypto firms are looking for offshore options with Hong Kong emerging as the most-friendly destination. Hong Kong has become an important destination for the crypto industry in the last few months.
Meanwhile, banks from the Chinese mainland have been extending help to crypto firms in Hong Kong. The Hong Kong Monetary Authority and the Securities and Futures Commission will jointly hold the sessions in April.
Moreover, other top exchanges such as Binance and Huobi Global are looking to expand their presence in the crypto market in Hong Kong. The city is establishing a licensing regime for virtual asset service providers, and regulating stablecoins and other virtual assets.
Also Read: FTX News: Sam Bankman-Fried Bail Conditions Revised; FTT Manipulation By Genesis
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Trump Tariffs: Crypto Market Rises as U.S. Cancels Greenland-Linked Tariffs on Europe
- How Iran’s Central Bank Acquired $507M in Tether’s USDT to Support the Rial
- Ripple Partners With DXC To Integrate XRP Payments Into $5 Trillion Banking Network
- Ripple CEO Reiterates Support for CLARITY Act as White House Crypto Czar Signals Regulatory Progress
- Trump Tariffs: E.U. Suspends U.S. Trade Deal Amid Tensions Over Greenland
- Ethereum Price Prediction as Trump Signals Crypto Market Bill Signing soon
- Bitcoin Price Prediction Ahead of Key US Inflation and GDP Data
- XRP Price Forecast as Binance Officially Lists Ripples’s $RLUSD Stablecoin
- Dogecoin, Shiba Inu, and PEPE Predictions as Bitcoin Price Drops Below $90k
- Is Pi Network Price Going Through a Tough January?
- Chainlink Price Prediction After 24/5 Stock Data Launch: What’s Next For LINK?
