Seychelles-based digital currency exchange OKX has set up a facility in Hong Kong and intends to apply for a Virtual Asset Service Provider (VASP) license in accordance with the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Ordinance 2022, the exchange said on Tuesday.
See related article: China state-owned banks turn crypto-friendly in Hong Kong: Bloomberg
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“At OKX, we view Hong Kong as having great potential and are committed to investing in personnel and working with regulators over the next five years,” Lennix Lai, managing director of global institutional at OKX, said in the statement.
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The exchange also said that it intends to apply for “Type 1 and 7” licenses under the Securities and Futures Ordinance, with the type 1 license for dealing in securities and the type 7 license for automated trading services, as indicated by the Securities and Futures Commission in the city.
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More than 80 mainland China and foreign companies have expressed interest in setting up digital asset operations in Hong Kong before the introduction of new crypto regulations that will come into effect in June, Christopher Hui, Hong Kong’s Secretary for Financial Services and the Treasury, said last week.
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Hong Kong’s Financial Secretary Paul Chan noted last month that the government has set aside HK$50 million (US$6.37 million) to develop the sector, which he referred to as a “golden opportunity” to lead innovative development.
Related article: Hong Kong may face backlog in virtual asset license applications as demand grows, former SFC regulator says
