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OKX exchange is nearing the end of the licensing process for Virtual Asset Service Providers (VASP) in Hong Kong. OKX is currently awaiting VASP license approval in order to officially operate in the country until March 2024.
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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