BC Technology Denies Reports of OSL Crypto Platform Sale
Hong Kong-based BC Technology Group has refuted recent reports claiming that it is considering selling its licensed crypto platform, OSL. The company filed a statement with the Hong Kong stock exchange, stating that the information in Bloomberg’s article was “factually inaccurate and highly misleading.” According to the South China Morning Post, BC Technology’s shares fell by over 34% to HK$2.8 following the release of the article. Meanwhile, two China-linked brokers, Yax and PantherTrade, are reportedly preparing to apply for a virtual asset service platform (VASP) license in Hong Kong. With increasing uncertainty surrounding crypto regulations in the US, Hong Kong has emerged as one of the most cryptocurrency-friendly regions. However, only OSL and Hashkey have been granted crypto licenses so far.
Hot Take: Hong Kong’s Crypto Industry Gains Momentum Amid Regulatory Uncertainty
Hong Kong’s crypto industry is gaining momentum despite regulatory uncertainties. BC Technology’s denial of reports about the sale of its OSL crypto platform highlights the growing interest in digital assets in the region. The news also comes as two China-related brokers, Yax and PantherTrade, are seeking licenses to provide crypto services for retail clients in Hong Kong. The city has transformed from being unfriendly towards cryptocurrencies to becoming a top destination for crypto businesses. However, with only two companies currently holding crypto licenses, other brokers are waiting for clearer regulations before entering the market. As the US grapples with regulatory challenges, Hong Kong has an opportunity to solidify its position as a leading hub for the crypto industry.
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