OKX enhances spot crypto trading app in accordance with Hong Kong’s VASP regime
“We will continue to collaborate with Hong Kong regulators in the process of our licensing efforts under the new VASP regime, and invest in making this city a resurgent digital assets hub in support of the government’s policy goals.”
OKX has enhanced its app to offer safe and secure spot trading of virtual assets to Hong Kong users in accordance with the requirements for virtual asset service providers (VASPs) in the jurisdiction.
The world’s second-largest crypto exchange by trading volume is entering Hong Kong with an app that allows users to buy, sell, and hold 16 major cryptocurrencies, while adhering to the standards applied to traditional exchanges in Hong Kong in terms of security, trading technology, and risk controls.
OKX aligns security, custody, AML, compliance with Hong Kong’s VASP regime
Hong Kong users can buy, sell and convert 16 major virtual assets through the app, including BTC, ETH and several others. Tokens can be purchased with HKD, peer-to-peer (P2P) or via ApplePay, Visa and Mastercard through third-party providers.
Lennix Lai, Chief Commercial Officer at OKX said: “Everyone in Hong Kong deserves the opportunity to explore the crypto world through a trustworthy and easy-to-use app. At OKX, we are committed to offering users the most secure and intuitive crypto trading experience, in line with the latest requirements from the Hong Kong government. We will continue to collaborate with Hong Kong regulators in the process of our licensing efforts under the new VASP regime, and invest in making this city a resurgent digital assets hub in support of the government’s policy goals.”
OKX set up a Hong Kong entity earlier this year for its proposed license application under Hong Kong’s new regulatory regime for VASPs as it comes into effect on 1 June 2023.
Besides working closely with Hong Kong regulatory authorities to demonstrate OKX’s security, custody, AML, and compliance capabilities, the firm also publishes its crypto holdings monthly via its Proof of Reserves as part of its transparency efforts.
The recently introduced zk-STARK zero-knowledge technology allows users to independently verify exchange solvency and confirm their assets are fully backed by OKX reserves. The April PoR report showed USD10.4 billion in Bitcoin, Ethereum and USDT held by OKX.
OKX applied for AMF license in France
Earlier this week, OKX filed an application in France to become a registered Digital Asset Service Provider (DASP) under the requirements set out by Autorité des Marchés Financiers (AMF) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR).
The firm said it wants to register with the AMF, following the company’s incorporation of OKX France in April, as a demonstration of its dedication to growing its European presence, with France as a significant hub.
Registration with the AMF will enable OKX to offer a suite of products and services to customers in France in full compliance with local regulations.
Regulatory-wise, OKX is currently licensed in the Bahamas, has a provisional license from VARA in Dubai, and is applying for virtual asset service provider licenses in Hong Kong.
