– OKX cryptocurrency exchange is in the final stage of acquiring a virtual asset service provider license (VASP) in Hong Kong.
– The exchange expects to receive the final approval for the license by March 2024.
– Hong Kong implemented a licensing regime for crypto exchanges to offer retail trading services, but only a few platforms have obtained the necessary license.
– The regulatory body in Hong Kong has approved Bitcoin and Ether trading for retail customers and imposed a 30% cap on investments.
– Other exchanges, such as Huobi and Gate.io, have also applied for retail crypto trading services and are awaiting regulatory approval.
– The Hong Kong Securities and Futures Commission has strict requirements for virtual asset service providers, including the provision of insurance and compensation arrangements.
– OKX has not yet responded to inquiries about their regulatory experience and expectations in the Hong Kong retail market.