Share this article
Sign Up
- Back to menuCryptocurrencies
- Back to menuResearch
- Back to menu
- Back to menu
- Back to menu
- Back to menu
- Back to menuWebinars
Hong Kong Regulator Gives Crypto Exchange OSL Tentative Licensure Approval
OSL Digital Securities was the first crypto exchange to apply for the SFC's opt-in license last November.
Hong Kong may soon have its first fully licensed cryptocurrency exchange: OSL Digital Securities, which on Friday received a landmark approval-in-principal from the Securities and Futures Commission (SFC).
STORY CONTINUES BELOW
- Preliminary approvalhttps://bc.group/media/pressrelease/20200821_pr_aip_enf.pdf pushes OSL, a subsidiary of Fidelity-backed BC Group, closer to becoming one of the first exchanges licensed to offer automated digital asset trading services under the virtual asset regime SFC unveiled last November.
- Full licensure is contingent on OSL satisfying undisclosed conditions, according to Reuters. But OSL is well positioned; it was the first exchange to applyhttps://osl.com/en/in-the-news/press-releases/bcgroupsoslfirsttosubmitdigitalassetlicenseapplicationtosfcinhongkong for the license and appears to be the only one this far along.
- SFC is one 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 approach to crypto now treats virtual asset exchanges much like traditional securities brokerages in terms of oversight. It is, however, an "opt-in" system.
Danny Nelson
Danny was CoinDesk's managing editor for Data & Tokens. He formerly ran investigations for the Tufts Daily. At CoinDesk, his beats include (but are not limited to): federal policy, regulation, securities law, exchanges, the Solana ecosystem, smart money doing dumb things, dumb money doing smart things and tungsten cubes. He owns BTC, ETH and SOL tokens, as well as the LinksDAO NFT.
More For You
Crypto Industry Asks President Trump to Stop JPMorgan’s 'Punitive Tax' on Data Access
A coalition of fintech and crypto trade groups is urging the White House to defend open banking and stop JPMorgan from charging fees to access customer data.
What to know:
- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
- JPMorgan's plan to charge for access to consumer banking data may debank millions and threaten the adoption of stablecoins and self-custody wallets.
- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
Top Stories
