The license was given to OSL Digital Securities Ltd. by Hong Kong’s Securities and Futures Commission (SFC) on the 15th of December.
Major Updates
- Hong Kong gives it's first license to a crypto trading platform.
- The company, OSL Digital Securities Ltd. was given a Type 1 & type 7 license.
- According to Hong Kong's crypto regulations and laws, registering a crypto farm or platform is optional.
The digital asset platform which is currently a member of the Hong Kong stock exchange-listed BC Technology Group, was given the license for Type 1 (securities) and Type 7 (automated trading services) regulated activities.
SFC said that the license "...will be subject to tailor-made requirements similar to those which apply to securities brokers and automated trading venues.”
In November, a new crypto regulatory framework was proposed by the government to regulate all centralized crypto exchanges according to international standard-setting bodies recommendation.
OSL Head of Distribution and Prime, Matt Long said that Licensed entities are the future of digital assets and capital markets in the digital age and professional investors.
Hedge funds and family offices are now rapidly increasing portfolio allocations to digital assets such as bitcoin".
The company described itself as "the world’s first SFC-licensed, listed, digital asset wallet-insured, Big-4 audited digital asset trading platform for institutions and professional investors.”
The company had opted to be fully registered even when the option to register was not mandatory.
They are also applying for a digital asset license under the Payment Services Act.
When launched the company is set to deliver to its customers on a safe, secure crypto trading platform that would trade on popular crypto currencies like bitcoin and ethereum as well as other quality cryptocurrencies.
What do you think of Hong Kong's new policy? Let us know in the comments.
