OKX sees surge in users in first month ahead of Hong Kong license application OKX sees surge in users in first month ahead of Hong Kong license application
Adapting to regulatory changes: OKX Hong Kong's successful growth under new VASP regime
2 min read
Updated: Aug. 10, 2023 at 11:33 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
One of the world’s leading crypto exchanges, OKX, has made significant strides in Hong Kong, registering over 10,000 new users within a month of launching its enhanced app.
The growth comes amid the new Virtual Asset Service Providers (VASPs) regime in Hong Kong that took effect on June 1, 2023.
OKX announced its Hong Kong entity in March ahead of applying for the VASP license to operate as a virtual asset trading platform in Hong Kong.
According to OKX, currently, “OKX’s enhanced app allows Hong Kong users to buy, sell and hold 16 major cryptocurrencies while benefiting from the highest standards of security, trading technology, and risk controls comparable to those of traditional exchanges in the market.”
The company has reportedly invested heavily in talent acquisition amid a potential ‘talent crunch‘ in preparation for its license application under the new VASP regulations in Hong Kong.
OKX Global Chief Commercial Officer, Lennix Lai, expressed the company’s delight in the positive response to OKX Hong Kong,
“Our sign-up metrics demonstrate strong local interest and immense market potential in a regulated environment.
The Hong Kong market is very sophisticated and discerning when it comes to choosing digital asset platforms, and adherence to regulatory requirements plays a crucial role in winning trust from our users and driving future growth of the crypto market.”
The Securities and Futures Commission (SFC) eased requirements for crypto exchanges earlier this year due to a talent crunch, reducing the number of required “responsible officers” (RO) from four to two.
The new VASP regime aims to usher in a new era of regulation for virtual assets, with exchanges required to seek licenses under the Securities and Futures Ordinance (SFO) and the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO).
To further celebrate this milestone, OKX Hong Kong will host an event in collaboration with the Manchester City Official Supporters Club – Hong Kong Branch on Saturday, July 22. The event will display Manchester City-themed collectibles, talks from local football legends, and interactive games.
OKX’s success demonstrates the crypto industry’s adaptability and resilience in the face of global regulatory changes.
UPDATE AUG. 9: Addition of OKX Enhanced App clarification. Reworded headline for clarity.
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Liam 'Akiba' Wright
Also known as "Akiba," Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
OKX
OKX is a world-leading digital asset exchange, providing advanced financial services to global traders by using blockchain technology.
Lennix brought with him with over a decade of experiences in the financial industry, specialized on high-frequency trading, DMA (Direct Market Access), asset management, front-to-back trading operation, risk management, and compliance.
