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.
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).
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. 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.
Robin Beck – The Very First Time (HQ)
The spike in activity also confirmed the growth of trading on peer-to-peer trading platforms like LocalBitcoins..
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