Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
OSL, an Asian leading digital asset platform and member of BC Technology Group (stock code: 863 HK), was the first digital asset trading platform for institutions and professional investors to be licensed by the Hong Kong’s Securities and Futures Commission (SFC) to conduct Type 1 (dealing in securities) and Type 7 (automated trading service (ATS)) regulated activities in Hong Kong.
Early in August this year, SFC approved in principle the application for a virtual asset trading platform license by OSL company of BC technology group. OSL stated that in addition to the Hong Kong License, it has also formally applied to Singapore’s monetary authority for a digital asset license.
OSL emphasizes that after the platform is officially launched, users can trade high-quality cryptocurrencies including BTC, ETH and STOs through OSL’s security and compliance platform. OSL emphasizes that its users need to pass strict KYC and anti-money laundering compliance processes to prevent market misconduct, OSL will conduct market monitoring, transaction monitoring and other supervision measures on digital assets.
However, the license of OSL can’t provide services to retail investors. It can only be available to professional investors or institutions. The assets of personal users are not less than HK $8 million and the assets of institutional are not less than HK $40 million. If you are an investor from mainland China, you should not only meet the above requirements but also have a Hong Kong bank account and can only trade in Hong Kong dollars.
Different from Japan and Singapore, Hong Kong still does not have a legal system specifically for crypto assets. On the basis of the existing financial services licenses, Hong Kong issues corresponding licenses within the framework of crypto assets for companies applying for digital assets licenses.
Crypto exchanges Huobi (1611. HK) and OKEx (1499. HK) also announced the progress of applying for licenses and related certificates in Hong Kong on the website of the Hong Kong stock exchange. However, the licenses applied for by Huobi and OKEx were in the traditional financial framework, rather than those in the regulatory framework of crypto assets, which meant that they could not carry out the business of crypto asset trading.
There has been close communication between Beijing and Hong Kong’s financial industry. For example, before the launch of the science and technology innovation board, the reform of the Hong Kong stock exchange was also referred to by Beijing’s regulatory. Previously, China’s central bank officials gave ban on ICO and stressed the prohibition of cryptocurrency issuance, but left room for crypto transactions such as bitcoin. Whether Beijing will refer to Hong Kong’s actions in the future is more to be expected.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.