OKX to apply for VASP license as well as Type 1 & 7 in Hong Kong

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OKX has set up a Hong Kong entity for launching virtual asset services in Hong Kong with the goal of applying for the virtual asset service provider (VASP) license as well as the Type 1 & 7 licenses under the Securities and Futures Ordinance.

Hong Kong’s VASP license, under the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Ordinance 2022, is scheduled to take effect on 1 June 2023.

The upcoming industry conferences, WOW Summit and the Hong Kong Web3 Festival, taking place in the jurisdiction will be sponsored by OKX, which will take part in keynote and panel discussions to outline the company’s plans in Hong Kong.

According to OKX, the firm spent more than a year working to fulfill the anticipated regulatory requirements from organizational, product, security, and compliance standpoints.

“Robust regulatory framework” in Hong Kong

Lennix Lai, Managing Director of Global Institutional at OKX, said: “Regulation and licensing are key to the future success of the crypto and Web3 sectors. At OKX, we see immense potential in Hong Kong, and are committed to investing in talents and working with regulators over the next five years to continue building the local ecosystem. Through the new VASP regime, the Hong Kong government has created a robust regulatory framework and the right conditions for Hong Kong to become a world-leading virtual asset hub. We’re looking forward to applying for the relevant licences via our Hong Kong entity.”

OKX General Counsel Bing Zhao, added: “OKX has an ambitious vision when it comes to pursuing licenses in relevant and appropriate jurisdictions, and we are committed to working with the SFC throughout the application process. We take security, custody, AML and compliance very seriously and are keen to demonstrate how we can meet and exceed the robust standards expected of virtual asset service providers under this regulatory regime.”

OKX launched Turkish Lira deposits/withdrawals and enhanced transparency over reserves

Earlier this week, OKX announced the launch of Turkish Lira (TRY) deposits and withdrawals to streamline the trading experience for Turkish users and deepen its focus on the fast-growing Turkish market. The move also expands the platform’s offerings for users around the world wanting to trade crypto with TRY.

The company has recently released its fifth proof-of-reserves report amid increasing demand from crypto investors asking for transparency from exchanges they trade with.

Published on its website, the updated report shows on-chain and off-chain asset balances, and a complete list of wallet addresses is available for public viewing. The fifth monthly Proof of Reserves shows $8.9 billion held by the exchange in BTC, ETH, and USDT. Per its statement, these findings are the largest 100% clean asset reserves among major exchanges, according to third party data.

Audited by blockchain analytics firm CryptoQuant, OKX’s assets are considered “clean” as it doesn’t include the exchange’s own token, solely made up of high market cap assets such as BTC, ETH, and USDT. OKX’s recent proof-of-reserves features new tools that enable users to view reserve ratios for new and historical data to self-verify assets held within its platform. They will be also able to download the files containing the most recent update, as well as all historical PoR data.

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