Following in HashKey’s Footsteps
Soon after HashKey, a digital asset trading platform, secured the pioneering VASP (Virtual Asset Service Provider) license, OKX, a major player in the crypto scene, announced its readiness to step into the concluding phase of its own licensing journey. If all goes according to plan, the crypto exchange aims to get its license by June. Upon achieving this milestone, OKX has aspirations to draw a significant number of retail users from Hong Kong, with estimates ranging from 100,000 to 200,000 within the first year alone.
Banking Relationships Strengthening
Li Zhikai, OKX’s global chief commercial officer, elaborated on the company’s ongoing engagement with financial institutions. He mentioned that the discussions with banks have been consistent. These banks have shown a heightened interest in the issuance of the license to OKX and the commencement of its operations. As the process moves forward, preparations, including technological integration, are well underway.
Zhikai shed light on the banking sector’s earlier skepticism about the virtual currency domain. He recalled that it wasn’t until the recent government initiatives – aimed at placing Hong Kong at the forefront of the global virtual asset landscape – that the banks started warming up to the industry. Influential authorities, such as the Securities Regulatory Commission and the Hong Kong Monetary Authority, played pivotal roles by signaling banks to reallocate resources and pay greater attention to the burgeoning crypto realm.
Future Licensing Projections
On the topic of licensing, Zhikai provided some forecasts. He anticipates that the number of securities firms receiving licenses will not witness a sudden surge in the upcoming year. He cited the likelihood of the Securities Regulatory Commission adopting a cautious stance, setting stringent standards for prospective licensees. Zhikai further theorized that the regulatory bodies might adopt a ‘wait and watch’ approach, keenly observing the performance metrics of the early license recipients.
Capitalizing on Mainstream Partnerships
With OKX being recognized as the official “standard partner” for the esteemed British football team, Manchester City, Zhikai is optimistic about leveraging this affiliation for broader goals. Primarily, he is passionate about investor education. By aligning with a globally recognized brand like Manchester City, Zhikai envisions a message of trust, assurance, and credibility for the virtual currency sector. He believes that endorsements from established names echo the growing stature and legitimacy of the crypto industry.
