OKX is Making Progress Towards Obtaining a VASP License in Hong Kong
Good news for cryptocurrency enthusiasts! OKX, a cryptocurrency exchange, is currently in the process of obtaining a Virtual Asset Service Provider (VASP) license in Hong Kong. According to OKX’s chief business officer, Li Zhikai, the company is nearing the end of the license application process, with the aim of launching the exchange in June 2024.
OKX’s Growth-Oriented Strategic Steps
Once OKX obtains the VASP license, they expect to acquire between 100,000 and 200,000 retail consumers in Hong Kong within the first year. In addition to expanding into the retail sector, OKX is also focused on technological integration and establishing a strong foundation. To address the skepticism from traditional financial institutions, OKX maintains constant communication with these organizations.
OKX’s Cooperation with Manchester City
One exciting development is OKX’s partnership with Manchester City, an English soccer club. Through this alliance, OKX aims to educate the people of Hong Kong about the virtual currency business and its governance.
Hong Kong’s Support for the Crypto Industry
Hong Kong has shown strong support for the digital currency industry. HashKey, the city’s first regulated retail virtual asset exchange, recently started accepting USD and HKD deposits. Other platforms like Huobi and Gate.io are also awaiting regulatory certification. The regulatory authority in Hong Kong has implemented measures to ensure the safety and convenience of crypto trading, such as restricting retail trading to Bitcoin and Ether and imposing a cap on the percentage of net income that can be invested.
Hot Take: OKX’s VASP License Application Marks a Milestone for Hong Kong’s Cryptocurrency Trading Center
OKX’s application for a VASP license in Hong Kong is a significant milestone for both the exchange and Hong Kong’s ambitions to become a leading cryptocurrency trading center globally. With preparations already underway, OKX is well-positioned to seize this new market opportunity.
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