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Hong Kong Grants First License to Cryptocurrency Trading Platform

Hong Kong Grants First License to Cryptocurrency Trading Platform

Hong Kong now has its first regulated cryptocurrency buying and selling platform. The Securities and Futures Commission has simply given out the first-ever crypto license to OSL Digital Securities which can quickly begin buying and selling for a number of cryptocurrencies, together with bitcoin.

Hong Kong Gives Out First Crypto License

Hong Kong’s Securities and Futures Commission (SFC) has licensed the primary crypto buying and selling platform in Hong Kong. The securities regulator introduced Wednesday:

It has granted the primary licence to a digital asset buying and selling platform in Hong Kong.

The SFC web site reveals that OSL Digital Securities Ltd. was licensed on Dec. 15. The Asian digital asset platform, a member of the Hong Kong inventory exchange-listed BC Technology Group, is licensed for Type 1 (dealing in securities) and Type 7 (offering automated buying and selling companies) regulated actions. The regulator defined that the platform will solely “serve skilled buyers underneath the shut supervision of the SFC” and “will likely be topic to tailored necessities much like these which apply to securities brokers and automatic buying and selling venues.”

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Under Hong Kong’s present crypto regulation, registration of crypto exchanges is elective however in a session launched in November, the federal government proposed a brand new crypto regulatory framework that enables the SFC to manage all centralized crypto exchanges. The SFC emphasised that its strategy to regulating cryptocurrencies “is in line with the suggestions of worldwide standard-setting our bodies.”

OSL defined that when registration was elective, it opted to be licensed and “underwent the SFC’s rigorous vetting necessities.” The firm now describes itself as “the world’s first SFC-licensed, listed, digital asset wallet-insured, Big-Four audited digital asset buying and selling platform for establishments {and professional} buyers.” OSL defined:

Upon go-live, OSL Digital Securities will supply clients protected, safe and compliant buying and selling entry to bitcoin (BTC), ethereum (ETH) and different high-quality cryptocurrencies, together with choose safety token choices (STOs).

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“Licensed entities are the way forward for digital belongings and capital markets within the digital age {and professional} buyers, hedge funds and household places of work are actually quickly growing portfolio allocations to digital belongings reminiscent of bitcoin,” commented Matt Long, OSL Head of Distribution and Prime.

In addition to the Hong Kong licenses, OSL has additionally utilized with the Monetary Authority of Singapore for a digital asset license underneath the Payment Services Act.

What do you concentrate on Hong Kong issuing its first crypto license? Let us know within the feedback part beneath.

The publish Hong Kong Grants First License to Cryptocurrency Trading Platform appeared first on Bitcoin News.

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