Key Points:
– OKX is preparing its VASP license application to operate in Hong Kong.
– They aim to attract up to 200,000 retail users within a year of approval.
– Li Zhikai, the global chief business officer of OKX, hopes to obtain the license by June 2024.
– Obtaining the VASP license would allow OKX to offer cryptocurrency services in Hong Kong.
– HashKey has already announced plans to extend its services to retail customers in Hong Kong.
OKX Preparing VASP License Application in Hong Kong
OKX, one of the top 10 largest crypto exchanges, is in the final stage of preparing its VASP license application to operate in Hong Kong. The exchange aims to attract 100,000 to 200,000 retail users within a year of approval. OKX’s global chief business officer, Li Zhikai, expressed the company’s eagerness to obtain the license by June 2024. Once approved, OKX will be able to offer cryptocurrency services in Hong Kong, including trading and custody.
Hong Kong Shows Ambition in Becoming a Global Crypto Hub
Hong Kong’s efforts to establish itself as a global cryptocurrency hub are evident through the recent developments in the licensing of crypto exchanges. HashKey, another crypto exchange, has already become the city’s first licensed retail virtual asset exchange. By issuing licenses to regulate crypto exchanges, Hong Kong aims to regain its reputation, attract new investments, and lure talent back to the city.
Your Hot Take:
OKX’s preparations for a VASP license application in Hong Kong demonstrate the growing interest and ambition of major crypto exchanges to establish a presence in the city. With the potential to attract a significant number of retail users, OKX’s plans align with Hong Kong’s broader strategy to become a global crypto hub. As regulatory frameworks continue to evolve, it will be interesting to see how the crypto industry develops in Hong Kong and its impact on the global crypto market.
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