Bitcoin

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 The Hong Kong regulators have only approved a handful of crypto exchanges to date that are permitted to offer crypto retail trading services. 
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<div class="cointelegraph"> 
 OKX <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency <a rel="noopener noreferrer nofollow" title="exchange" href="https://thebittimes.com/tag/exchange.html">exchange</a> has entered the <a rel="noopener noreferrer nofollow" title="final" href="https://thebittimes.com/tag/final.html">final</a> <a rel="noopener noreferrer nofollow" title="stage" href="https://thebittimes.com/tag/stage.html">stage</a> before acquiring a virtual asset service provider <a rel="noopener noreferrer nofollow" title="license" href="https://thebittimes.com/tag/license.html">license</a> (VASP) in Hong Kong. The <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> <a rel="noopener noreferrer nofollow" title="exchange" href="https://thebittimes.com/tag/exchange.html">exchange</a> expects the <a rel="noopener noreferrer nofollow" title="final" href="https://thebittimes.com/tag/final.html">final</a> approval for a VASP by March next year. 
 Li Zhikai, the global chief commercial officer of OKX, in an interview, said that they are actively engaged in a dialogue with the banks and are currently waiting for the group to be issued a <a rel="noopener noreferrer nofollow" title="license" href="https://thebittimes.com/tag/license.html">license</a> and start a business. The <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> <a rel="noopener noreferrer nofollow" title="exchange" href="https://thebittimes.com/tag/exchange.html">exchange</a> has started the preparatory work such as technology docking. 
 Hong Kong became a pro-crypto nation in 2023 and announced a licensing regime for crypto exchanges to offer their services to retail customers. While more than 80 crypto firms initially showed interest in opening an office in the country, only a couple of crypto platforms such as HashKey and OSL gained the necessary license to start retail crypto trading services. 
 HashKey started offering retail crypto trading services to Hong Kong users on Aug. 28. The regulatory body in the country has opened only Bitcoin (BTC) and Ether (ETH) trading for retail customers to cut back on the risk involved with investing in new crypto tokens. The regulations also put a 30% cap on investors that only allows them to invest one-third of their net income. 
 Related: Hong Kong and Saudi Arabia collaborate on tokens and payments 
 Apart from HashKey and OSL, Huobi and Gate.Io have also applied for retail crypto trading services and are currently waiting to get the regulatory nod. Previously, a Gate.Io executive shared the regulatory experience in Hong Kong and told Cointelegraph that compared to other regulators, the Hong Kong Securities and Futures Commission (SFC) has a stricter requirement for virtual asset service providers. The regulator has made it compulsory for crypto platforms to offer insurance/compensation arrangement requirements to help protect clients. Apart from that the crypto exchanges are required to hold 98% of assets in cold wallet storage. 
 Cointelegraph reached out to OKX to get their views on the regulatory experience and their expectations from the Hong Kong retail market but didn’t get an immediate response. 
 Magazine: Hall of Flame: Wolf Of All Streets worries about a world where Bitcoin hits $1M 
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Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/okx-crypto-exchange-enters-final-stage-of-hong-kong-vasp-license-application-tbt61429.html">https://thebittimes.com/okx-crypto-exchange-enters-final-stage-of-hong-kong-vasp-license-application-tbt61429.html</a>

OKX crypto exchange enters final stage of Hong Kong VASP license application

TheBitTimes

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