OKX Applied For Virtual Asset Licenses To Launch Its Hong Kong Entity

Key Points:

• OKX announced it has set up a Hong Kong entity for launching virtual asset services.
• Not only Hong Kong, but the exchange has also recently expanded to other potential markets, such as Turkish, allowing payments in Turkish Lira (TRY).

OKX, the world’s second-largest crypto exchange by trading volume, announced the formation of a Hong Kong corporation for the purpose of establishing virtual asset services in Hong Kong and the intention to apply for a virtual asset service provider (VASP) license.

OKX has spent more than a year preparing to meet expected regulatory requirements in terms of organizational, product, security, and compliance.

The VASP license is issued under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance 2022, which goes into force on 1 June 2023, while the Type 1 and 7 licenses are issued under the Securities and Futures Ordinance.

Lennix Lai, Managing Director of Global Institutional at OKX, stated:

“Through the new VASP regime, the Hong Kong government has created a robust regulatory framework and the right conditions for Hong Kong to become a world-leading virtual asset hub. We’re looking forward to applying for the relevant licences via our Hong Kong entity.”

OKX has lately extended not just to Asian markets but also to other prospective markets. Earlier, the exchange introduced Turkish Lira (TRY) deposits and withdrawals for Android, iOS, and the web, simplifying trading for Turkish users.

OKX prioritizes trust and openness, publishing evidence of reserves on a monthly basis and allowing customers to self-verify reserves and liabilities using open-source technologies.

The new report, which is accessible on its website, provides on-chain and off-chain asset balances, as well as a comprehensive list of wallet addresses. The sixth monthly Proof of Reserves report shows the exchange holding $8.9 billion in Bitcoin, ETH, and USDT. According to third-party statistics, these results represent the greatest 100% clean asset reserves among major exchanges.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Harold

Coincu News