A cryptocurrency exchange OKX is currently, in the process of acquiring a license in Hong Kong. This license would allow everyday people to trade cryptocurrencies. Local news reports suggest that this license is expected to be granted by March 2024.
In 2023 Hong Kong adopted an attitude towards cryptocurrencies and established regulations for exchanges that wish to obtain this special license. However, out of over 80 companies looking to operate in Hong Kong only a select few like HashKey and OSL were given permission to serve customers.
HashKey recently introduced Bitcoin and Ether trading options for residents of Hong Kong. To ensure user protection there are limits on investments and exchanges must prioritize the security of funds.
Exchanges such as Huobi and Gate.io are also keen on offering services. Are currently awaiting government approval. The regulations set by Hong Kong authorities are strict requiring exchanges to provide insurance coverage and maintain storage for the majority of their funds.
The limited number of licenses issued for cryptocurrency exchanges in Hong Kong demonstrates the government’s approach to balancing accessibility with regulatory measures, for the crypto industry.
Also Read: OKX Crypto Exchange Seeks Regulatory Approval in France
