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Hong Kong Grants First License to Cryptocurrency Buying and selling Platform

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Hong Kong now has its first regulated cryptocurrency trading platform. The Securities and Futures Commission has just awarded the first crypto license to OSL Digital Securities, which will soon begin trading multiple cryptocurrencies, including Bitcoin.

Hong Kong issues first crypto license

The Hong Kong Securities and Futures Commission (SFC) has licensed the first crypto trading platform in Hong Kong. The securities regulator announced on Wednesday:

It issued the first license for a virtual asset trading platform in Hong Kong.

The SFC website shows that OSL Digital Securities Ltd. was licensed on December 15th. The Asian digital assets platform, a member of the Hong Kong-based BC Technology Group, is licensed for Type 1 (trading in securities) and Type 7 (providing automated trading services) regulated activities. The regulator stated that the platform “will only serve professional investors under the close supervision of the SFC” and “will be subject to tailored requirements similar to those that apply to securities brokers and automated trading venues”.

According to the existing crypto regulations in Hong Kong, the registration of crypto exchanges is optional. However, in a consultation launched in November, the government proposed a new framework for crypto regulation that would allow the SFC to regulate all centralized crypto exchanges. The SFC emphasized that its approach to regulating cryptocurrencies “is in line with the recommendations of international standardization bodies”.

OSL stated that if registration was optional, it opted for a license and “went through the SFC’s strict verification requirements.” The company now bills itself as “the world’s first SFC-licensed, publicly traded, digital wallet insured, Big 4 verified digital asset trading platform for institutions and professional investors”. OSL stated:

After commissioning, OSL Digital Securities will offer its customers secure and compliant trading access to Bitcoin (BTC), Ethereum (ETH) and other high-quality cryptocurrencies as well as selected security token offerings (STOs).

“Licensed companies are the future of digital assets and capital markets in the digital age, and professional investors, hedge funds and family offices are now rapidly increasing portfolio allocation for digital assets like Bitcoin,” commented Matt Long, OSL sales director and Prime.

In addition to the Hong Kong licenses, OSL has applied to the Monetary Authority of Singapore for a digital asset license under the Payment Services Act.

What do you think of Hong Kong’s first crypto license? Let us know in the comments below.

Photo credit: Shutterstock, Pixabay, Wiki Commons

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