- Hong Kong’s Securities and Futures Commission (SFC) drives regulatory efforts in the crypto market.
- OKX, a leading global exchange with 50 million users, plans to apply for a Virtual Asset Provider License (VASP) by October.
- OKX’s commitment to regulatory compliance and growth in Hong Kong’s virtual asset market reflects its proactive stance.
In the fin-tech landscape, ensuring user protection is one of the most robust responsibilities of institutions in countries all over the world. In a similar attempt, Hong Kong’s Securities and Futures Commission (SFC) has made efforts to regulate the crypto market. In order to meet the robust standards set by SFC, OKX, a leading global exchange, has announced its plan to apply for Virtual Asset Provider License (VASP) in October. Given the platform’s reputation of growth and regulatory compliance standards, this step is a brand new testament.
OKX – A Global Exchange
OKX is a worldwide cryptocurrency exchange for spot and derivatives trading. The platform ranks as the second largest crypto exchange by trading volume and caters to a vast user base of over 50 million individuals across the globe.
OKX recently announced their intention to apply for VASP in March and their deadline to do so is in October. As per their tweet it is clear that the platform is on track to meet its submission deadline. The Global Chief Commercial Officer at OKX, Lennix Lai, has expressed his appreciation for the SFC’s regulatory approach and has committed to submit their license application soon.
As the platform continues its ambition and commitment towards contributing to a growing virtual asset market in Hong Kong, let’s see how it unfolds.