OKX, the 2nd-biggest crypto exchange in terms of trading volume around the world, is going to establish a platform in Hong Kong. As per the announcement, the company has developed an entity in Hong Kong to provide services related to virtual assets. The firm has a strategy to obtain a license to become a virtual asset service provider (VASP).
OKX Declares the Launch of a Subsidiary in Hong Kong
The announcement is witnessed nearly following a year of making endeavours to meet the regulatory requirements dealing with compliance, security, product, and organizational perspectives. Lennix Lai, the Managing Director of Global Institutions at OKX, stated that regulation, as well as licensing, are the two chief factors. As per the executive, these aspects can play a significant role in determining the success of Web3 and the crypto sectors in the coming time.
The official added that the management of OKX witnesses a huge potential in the jurisdiction of Hong Kong. In addition to this, the executive added that the platform is committed to making investments in the talents along with operating in collaboration with the regulatory bodies. In this way, OKX intends to keep on developing the local ecosystem during the upcoming 5 years. Lai appreciated the regulatory endeavours of the Hong Kong-based authorities.
As per Lai, such initiatives have assisted a lot in developing a fortified regulatory agenda apart from establishing the right conditions for the country to turn into a hub for virtual assets. The executive also mentioned that the crypto platform is moving toward the submission of applications to have relevant licenses through its entity based in Hong Kong.
Crypto Exchange Intends to Get Licenses for Services Related to Virtual Assets
Bing Zhao, the General Counsel of OKX, also remarked on the development, saying that the company has an enthusiastic vision to get licenses in adequate and relevant jurisdictions. Zhao pointed out that OKX is determined to operate with the SFC during the whole application procedure. The executive moved on to say that the company pays considerable attention to compliance, AML, custody, and security-related matters.
According to Zhao, the crypto exchange is interested in showing how it can comply with the standards established for the VASPs within the regulatory agenda of Hong Kong. In the recent years, a great position has been acquired by Hong Kong within the crypto market, paving the way for OKX as well as some other innovative platforms to move forward.
