This move is likely to raise concerns among privacy advocates as it could grant the government unprecedented power to monitor and track its citizens. However, BSN claims that by using decentralized identity (DID) technology, the system will protect user privacy. China will create digital identities for people using blockchain.

For Chinese social media users, real-name registration is mandatory. The six largest social media platforms in China, including WeChat, Sina Weibo, Douyin, Kuaishou, Bilibili, and Xiaohongshu, currently require content creators with 500,000 or 1 million followers to disclose their real names or the names of their financial supporters.

This policy was implemented in October 2023 and was reported to be designed to ‘enhance credibility and ensure public oversight.’ BSN claims the new system will safeguard user privacy. BSN asserts that the new RealDID system will be the world’s first national-level decentralized identity system with real names. The system will use DID technology to allow users to register and log in to websites anonymously.

In a press release, BSN stated, ‘Through the RealDID service, users will be able to register and log in to websites anonymously using their DID addresses and private keys. Thus, business data and transactions will be kept separate from personal information.’

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Concerns about data privacy persist

Despite BSN’s claims, some experts are concerned that the RealDID system could be used to track and monitor citizens’ online activities. They argue that the government could use the system to identify and suppress dissent.

The future of the RealDID system is uncertain

It is unclear how the RealDID system will be implemented or utilized by the Chinese government. However, the announcement will undoubtedly raise concerns among privacy advocates worldwide. Time will tell whether the RealDID system will be a force for good or a tool for repression.

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In a joint blog post released on Friday, the Securities and Futures Commission and the Hong Kong Monetary Authority stressed that some risks associated with crypto products that could be difficult to understand for cryptocurrency investors are complex.

The revised guideline draft plans to offer certain cryptocurrencies only to professional investors from now on.

As per these guidelines, for instance, an exchange-traded fund (ETF) overseas, which is not a derivative of a virtual asset (VA), will be classified as a product, commonly suitable only for professional investors.

In addition, authorities emphasized that brokers need to confirm their customers’ understanding of investing in virtual assets or related products before proceeding with any transaction.

Moreover, brokers will not be able to confirm that customers have the financial stability necessary to handle the risks and possible losses associated with the buying and selling of products related to virtual assets.

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Authorities have asserted that specific rules regulate these products, ensuring clearer pricing and reducing susceptibility to market tricks.

As a result, they deem these products safer and more transparent, making them accessible not only to professional investors but to all investors.

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Li Zhikai, the Chief Commercial Officer of OKX, stated in a recent statement that they are actively engaged in discussions with banks and are eagerly anticipating the issuance of a license to commence their services. The exchange has already initiated preparatory activities, such as technology integration.

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In 2023, Hong Kong has evolved into a crypto-friendly jurisdiction, with the introduction of a licensing regime for crypto exchanges, including OKX, to serve individual clients. This has attracted numerous crypto companies, contributing to the transformation of Hong Kong into a cryptocurrency hub. Recent license recipients, such as HashKey and OSL, exemplify this trend.

HashKey began offering individual cryptocurrency trading services to Hong Kong users on August 28th. The regulatory authority in the country has limited individual customers to Bitcoin (BTC) and Ethereum (ETH) trading to mitigate some of the risks associated with investing in new crypto tokens.

Furthermore, in addition to HashKey and OSL, Huobi and Gate.io have also applied for individual cryptocurrency trading services and are awaiting regulatory approval.

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The post OKX is Nearing the End of the Licensing Process in Hong Kong. appeared first on Coin Engineer.