Hong Kong licensed cryptocurrency company for the first time

  • Hong Kong first licensed crypto trading company

  • Only investors with a balance of more than $ 1 million will be able to trade on the site

  • China is studying the issue of tightening the turnover of cryptocurrencies in the country

International consortium of news organizations developing transparency standards.

For the first time, the Hong Kong authorities have issued a cryptocurrency company a license to trade virtual assets

OSL, a cryptocurrency trading company, became the first licensed crypto company in Hong Kong. The company announced this on its official website..

The license obtained from the Securities and Futures Commission (SFC) will allow OSL to offer regulated services to institutional investors in the Asian market, as well as serve brokers and offer automated cryptocurrency trading.

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Hong Kong licensed cryptocurrency company for the first time

First on the market

Thanks to the license, OSL intends to expand its services for trading Bitcoin (BTC), Ehtereum (ETH) and other top cryptocurrencies, as well as individual STO tokens (Security Token Offerings).

Hong Kong licensed cryptocurrency company for the first time

OSL CEO Wayne Trench notes institutional investments in bitcoin and other digital assets have been gaining popularity over the past few years and are now in a new stage of growth..

Read also: Hong Kong explores integration with China’s digital yuan

The company recognizes that once a license is obtained, all customers will be subject to strict KYC and AML controls, as well as transaction monitoring.

Hong Kong’s First Approved Crypto Fund Seeks $100M Target

OSL has also applied for a license with the Monetary Authority of Singapore.

Water area for whales

Local blockchain reporter Colin Wu points out that investors must have assets of over HK $ 8M (~ $ 1M) to trade on OSL.

“The world is more confused about whether Hong Kong will have an impact on Beijing after the license is issued,” Wu writes..

In early November, BeInCrypto announced that Hong Kong intends to regulate all local cryptocurrency exchanges, whether they trade in securities or not. Exactly when the new regulation will come into effect remains unknown.

Learn how to trade in the cryptocurrency market with BeInCrypto partner, StormGain cryptocurrency exchange

Hong Kong has long been known as one of the most active crypto regions in China. In October 2019, as bitcoin trading volumes soar, ATM reserves in Hong Kong fell to a minimum. The spike in activity also confirmed the growth of trading on peer-to-peer trading platforms like LocalBitcoins..

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