OKX Targets the Initial Virtual Asset Trading License in Hong Kong

OKX, a prominent global player in the cryptocurrency exchange market, has officially filed for a virtual asset trading platform (VATP) license in Hong Kong, aiming to be a pioneering force under the city’s updated cryptocurrency regulations. The local branch of OKX in Hong Kong submitted their application on November 16, as verified by the regulatory body, the Securities and Futures Commission (SFC).

OKX's initiative, currently holding the third spot worldwide in trading volume, aligns seamlessly with Hong Kong's objective of positioning itself as a pivotal player in the cryptocurrency arena. The updated regulations from the SFC, which came into effect in June with a grace period of one year, require exchanges in Hong Kong to obtain licensing, thereby enabling licensed platforms to serve retail investors. website.

OKX's Goal: Elevate Virtual Asset Trading

Lennix Lai, who serves as the global chief commercial officer for OKX, expressed excitement about collaborating with the SFC to advance the application for OKX Hong Kong, aiming to elevate the city's profile within the virtual asset landscape.

The application procedure, which is part of a broader regulatory framework introduced in late 2022, is known for being both time-consuming and costly, with industry experts projecting the expenses could surpass HK$60 million (approximately US$7.7 million). Yet, despite the hurdles, OKX has proactively prepared for this application since the previous year.

Other leading exchanges with ties to China and Hong Kong, such as HTX, have also shown interest in securing a VATP license. Additionally, some firms are establishing local entities with new identities to break into the Hong Kong cryptocurrency marketplace, such as Binance with HKVAEX and PantherTrade affiliated with Futu Holdings. SFC Most VATP license applications to date have come from smaller local exchanges. Major candidates like OKX, previously known as Huobi, have Chinese origins yet have expanded their reach globally due to domestic regulatory challenges. Crypto.com, once based in Hong Kong, has since shifted its headquarters to Singapore.

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