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OKX, the world’s second-biggest cryptocurrency exchange by trading volume and a prominent Web3 technology firm, has revealed the establishment of a Hong Kong-based entity to offer virtual asset services in the region. The company plans to apply for a virtual asset service provider (VASP) license under the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Ordinance 2022, set to come into effect on June 1, 2023, as well as Type 1 & 7 licenses under the Securities and Futures Ordinance.
This development follows over a year of OKX’s efforts to meet expected regulatory requirements in areas such as organization, product offerings, security, and compliance.
Lennix Lai, OKX’s Managing Director of Global Institutional, stated:
“Regulation and licensing are crucial to the continued success of the crypto and Web3 industries. OKX recognizes the enormous potential in Hong Kong and is dedicated to investing in talent and collaborating with regulators over the next five years to further develop the local ecosystem. The Hong Kong government’s new VASP framework establishes a strong regulatory foundation and favorable conditions for Hong Kong to emerge as a leading virtual asset hub. We eagerly anticipate applying for the necessary licenses through our Hong Kong entity.”
Bing Zhao, OKX General Counsel, added:
“OKX has bold aspirations in terms of obtaining licenses in relevant and suitable jurisdictions, and we are devoted to working with the SFC throughout the application process. We place a high priority on security, custody, AML, and compliance, and we are eager to show how we can meet and surpass the stringent standards required of virtual asset service providers under this regulatory framework.”
Hong Kong has evolved into a hotspot for the crypto sector in recent years and will become increasingly significant for OKX and other groundbreaking companies, entrepreneurs, and top talent as regulations advance.
OKX is sponsoring two upcoming industry conferences in Hong Kong—the WOW Summit and the Hong Kong Web3 Festival—and will participate in keynote speeches and panel discussions to outline the firm’s expansion plans.