OKX enhances spot crypto trading app in accordance with Hong Kong’s VASP regime

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“We will con­tin­ue to col­lab­o­rate with Hong Kong reg­u­la­tors in the process of our licens­ing efforts under the new VASP regime, and invest in mak­ing this city a resur­gent dig­i­tal assets hub in sup­port of the government’s pol­i­cy goals.”

OKX has enhanced its app to offer safe and secure spot trad­ing of vir­tu­al assets to Hong Kong users in accor­dance with the require­ments for vir­tu­al asset ser­vice providers (VASPs) in the jurisdiction.

The world’s sec­ond-largest cryp­to exchange by trad­ing vol­ume is enter­ing Hong Kong with an app that allows users to buy, sell, and hold 16 major cryp­tocur­ren­cies, while adher­ing to the stan­dards applied to tra­di­tion­al exchanges in Hong Kong in terms of secu­ri­ty, trad­ing tech­nol­o­gy, and risk controls.

OKX aligns security, custody, AML, compliance with Hong Kong’s VASP regime

Hong Kong users can buy, sell and con­vert 16 major vir­tu­al assets through the app, includ­ing BTC, ETH and sev­er­al oth­ers. Tokens can be pur­chased with HKD, peer-to-peer (P2P) or via Apple­Pay, Visa and Mas­ter­card through third-par­ty providers.

Lennix Lai, Chief Com­mer­cial Offi­cer at OKX said: “Every­one in Hong Kong deserves the oppor­tu­ni­ty to explore the cryp­to world through a trust­wor­thy and easy-to-use app. At OKX, we are com­mit­ted to offer­ing users the most secure and intu­itive cryp­to trad­ing expe­ri­ence, in line with the lat­est require­ments from the Hong Kong gov­ern­ment. We will con­tin­ue to col­lab­o­rate with Hong Kong reg­u­la­tors in the process of our licens­ing efforts under the new VASP regime, and invest in mak­ing this city a resur­gent dig­i­tal assets hub in sup­port of the government’s pol­i­cy goals.”

OKX set up a Hong Kong enti­ty ear­li­er this year for its pro­posed license appli­ca­tion under Hong Kong’s new reg­u­la­to­ry regime for VASPs as it comes into effect on 1 June 2023.

Besides work­ing close­ly with Hong Kong reg­u­la­to­ry author­i­ties to demon­strate OKX’s secu­ri­ty, cus­tody, AML, and com­pli­ance capa­bil­i­ties, the firm also pub­lish­es its cryp­to hold­ings month­ly via its Proof of Reserves as part of its trans­paren­cy efforts.

The recent­ly intro­duced zk-STARK zero-knowl­edge tech­nol­o­gy allows users to inde­pen­dent­ly ver­i­fy exchange sol­ven­cy and con­firm their assets are ful­ly backed by OKX reserves. The April PoR report showed USD10.4 bil­lion in Bit­coin, Ethereum and USDT held by OKX.

OKX applied for AMF license in France

Ear­li­er this week, OKX filed an appli­ca­tion in France to become a reg­is­tered Dig­i­tal Asset Ser­vice Provider (DASP) under the require­ments set out by Autorité des Marchés Financiers (AMF) and the Autorité de Con­trôle Pru­den­tiel et de Réso­lu­tion (ACPR).

The firm said it wants to reg­is­ter with the AMF, fol­low­ing the company’s incor­po­ra­tion of OKX France in April, as a demon­stra­tion of its ded­i­ca­tion to grow­ing its Euro­pean pres­ence, with France as a sig­nif­i­cant hub.

Reg­is­tra­tion with the AMF will enable OKX to offer a suite of prod­ucts and ser­vices to cus­tomers in France in full com­pli­ance with local regulations.

Reg­u­la­to­ry-wise, OKX is cur­rent­ly licensed in the Bahamas, has a pro­vi­sion­al license from VARA in Dubai, and is apply­ing for vir­tu­al asset ser­vice provider licens­es in Hong Kong.

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