OKX, a cryptocurrency exchange based in Seychelles, has announced that it will set up an office in Hong Kong and apply for virtual asset licenses to operate digital asset services in the city.
The move comes ahead of new crypto regulations that are set to take effect on June 1 in Hong Kong. According to the Securities and Futures Commission in the city, OKX plans to apply for “Type 1 and 7” licenses under the Securities and Futures Ordinance.
The type 1 license is for dealing in securities while type 7 is for automated trading services. The company also plans to apply for the virtual asset service provider (VASP) license under the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Ordinance 2022.
Over 80 foreign and mainland China companies have also expressed interest in establishing digital asset operations in Hong Kong. The city’s Financial Secretary Paul Chan has set aside HK$50 million (US$6.37 million) to develop the sector, which he calls a “golden opportunity” to lead innovative development.
James Wilson is a crypto writer and researcher with over 5 years of experience in the industry. He is a graduate of the University of California, Berkeley, where he studied computer science and economics. After graduating, he worked as a software engineer at a major tech company before transitioning to a career in crypto.
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