OKX announced it has set up a Hong Kong entity for launching virtual asset services in the city, and will apply for the virtual asset service provider (VASP) license under the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Ordinance 2022, which is scheduled to take effect on June 1st, 2023, and the Type 1 & 7 licences under the Securities and Futures Ordinance.
OKX Managing Director of Global Institutional Lennix Lai 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 licenses via our Hong Kong entity."
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Policy and Regulation