Crypto exchange OKX readies for Hong Kong launch
Cryptocurrency and derivatives exchange OKX intends to launch in Hong Kong following a year of preparation.
OKX readies for Hong Kong launch
The firm, the world’s second largest crypto exchange by trading volume, will apply for a virtual asset service provider (VASP) licence under the country’s upcoming anti-money laundering (AML) and counter-terrorist financing law, set to take effect on 1 June 2023.
OKX, which has also set up a Hong Kong entity, will also apply for the type 1 and 7 licences under the country’s Securities and Futures Ordinance regulation.
The crypto exchange says it has taken more than a year of preparation in order to fulfil the necessary regulatory requirements across organisation, product, security and compliance.
OKX managing director of global institutional, Lennix Lai, says the firm sees “immense potential” in Hong Kong and is committed to building out the local ecosystem.
“Regulation and licensing are key to the future success of the crypto and Web3 sectors,” Lai says, adding that Hong Kong’s VASP regime has created the right conditions for Hong Kong to be a world-leading virtual asset hub.
OKX general counsel Bing Zhao says: “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.”
