Hong Kong now has its first regulated cryptocurrency buying and selling platform. The Securities and Futures Fee has simply given out the first-ever crypto license to OSL Digital Securities which can quickly start buying and selling for a number of cryptocurrencies, together with bitcoin.
Hong Kong Offers Out First Crypto License
Hong Kong’s Securities and Futures Fee (SFC) has licensed the primary crypto buying and selling platform in Hong Kong. The securities regulator introduced Wednesday:
It has granted the primary licence to a digital asset buying and selling platform in Hong Kong.
The SFC web site reveals that OSL Digital Securities Ltd. was licensed on Dec. 15. The Asian digital asset platform, a member of the Hong Kong inventory exchange-listed BC Expertise Group, is licensed for Kind 1 (dealing in securities) and Kind 7 (offering automated buying and selling providers) regulated actions. The regulator defined that the platform will solely “serve skilled traders beneath the shut supervision of the SFC” and “will probably be topic to tailored necessities much like these which apply to securities brokers and automatic buying and selling venues.”
Underneath Hong Kong’s current crypto regulation, registration of crypto exchanges is optional however in a session launched in November, the federal government proposed a new crypto regulatory framework that enables the SFC to manage all centralized crypto exchanges. The SFC emphasised that its strategy to regulating cryptocurrencies “is in keeping with the suggestions of worldwide standard-setting our bodies.”
OSL defined that when registration was optionally available, it opted to be licensed and “underwent the SFC’s rigorous vetting necessities.” The corporate now describes itself as “the world’s first SFC-licensed, listed, digital asset wallet-insured, Huge-4 audited digital asset buying and selling platform for establishments {and professional} traders.” OSL defined:
Upon go-live, OSL Digital Securities will provide prospects protected, safe and compliant buying and selling entry to bitcoin (BTC), ethereum (ETH) and different high-quality cryptocurrencies, together with choose safety token choices (STOs).
“Licensed entities are the way forward for digital property and capital markets within the digital age {and professional} traders, hedge funds and household workplaces at the moment are quickly rising portfolio allocations to digital property corresponding to bitcoin,” commented Matt Lengthy, OSL Head of Distribution and Prime.
Along with the Hong Kong licenses, OSL has additionally utilized with the Financial Authority of Singapore for a digital asset license beneath the Cost Providers Act.
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