Breaking: 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.
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