OKX Nears Final Licensing Stage In Hong Kong for 2024

Key Points:

• OKX Group’s Commercial Director, Jimmy Lai, reveals the company is in the final stages of obtaining a cryptocurrency license in Hong Kong.
• OKX Group aims to attract a significant influx of retail investors in Hong Kong, ranging from 100,000 to 200,000.

OKX Global’s Commercial Director, Jimmy Lai, disclosed that the OKX Group is currently in the final stages of applying for a license in Hong Kong, with expectations of receiving official approval sometime between March and June of the following year.

This significant development in the cryptocurrency exchange space marks a pivotal step towards expanding their operations in the region.

The move to secure a license in Hong Kong is seen as a strategic initiative by OKX Group to solidify its presence and cater to the rapidly growing interest in cryptocurrencies among retail investors. Lai expressed optimism that the granting of this license would pave the way for the influx of an estimated 100,000 to 200,000 retail investors in Hong Kong, further boosting the cryptocurrency market’s momentum.

However, industry experts like Li Zhikai caution against expecting a surge in the number of licensed securities companies in Hong Kong in the coming year. Zhikai, who closely follows regulatory developments, anticipates that the China Securities Regulatory Commission will maintain a cautious approach. He believes that the regulatory body will impose stringent requirements on potential license applicants, aiming to ensure the stability and security of the cryptocurrency market.

Zhikai’s perspective highlights the regulatory authorities’ preference to closely monitor the performance and adherence to compliance standards by the initial batch of license holders before considering any significant expansion. This cautious stance may also serve to safeguard investors’ interests and maintain the integrity of the burgeoning cryptocurrency ecosystem in Hong Kong.

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