hong-kong-regulator-gives-crypto-exchange-osl-tentative-licensure-approval

Hong Kong Regulator Gives Crypto Exchange OSL Tentative Licensure Approval

Hong Kong might perchance per chance perchance quickly have its first fully licensed cryptocurrency exchange: OSL Digital Securities, which on Friday obtained a landmark approval-in-main from the Securities and Futures Price (SFC).

  • Preliminary approval pushes OSL, a subsidiary of Constancy-backed BC Community, nearer to turning into one in every of the first exchanges licensed to supply automatic digital asset buying and selling companies below the virtual asset regime SFC unveiled last November.
  • Chubby licensure is contingent on OSL gratifying undisclosed conditions, in step with Reuters. However OSL is successfully positioned; it was as soon as the first exchange to teach for the license and appears to be like to be to be the marvelous one this a ways alongside.
  • SFC is one in every of a handful of regional regulators beefing up its virtual asset oversight in response to anti-money-laundering (AML) and know-your-customer (KYC) concerns.
  • The watchdog’s formula to crypto now treats virtual asset exchanges worthy esteem veteran securities brokerages in phrases of oversight. It’s, alternatively, an “make a selection-in” system.

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