The exchange announced that it has sent its license proposal application under Hong Kong’s new regulatory regime of VASPs as it comes into effect on June 1st, 2023. To meet regulatory requirements, the company has been working and putting efforts for over a year.
OKX is working closely with Hong Kong regulatory authorities so that the services including security, custody, AML, and compliance capabilities, can meet the VASP regulatory standards to earn a license.
OKX Offering Trading Services Globally
OKX is an innovative cryptocurrency exchange. It is a leading web3 technology company. It provides advanced financial offerings. It offers trading services to many users globally. It is a trusted exchange with which you can buy, hold, and exchange popular cryptocurrency.
The OKX wallet provides enhanced control of assets. Also, it gives access to DeFi, GameFi, DEXs, NFT marketplaces, and thousands of dApps. Two hundred countries have access to OKX. It has increased its trustability by publishing its trading fee while it does not publish its deposit and withdrawal fee.
OKX is the major crypto exchange. It also publishes crypto holdings monthly by Proof of Reserves(PoR). This brings greater transparency. ZK-STARK zero knowledge technology is the new upgrade. This helps the users in verifying the ability of the company. It validates that OKX reserves fully back their assets. The PoR report of April shows USD10.4 billion in Bitcoin, USDT, and Ethereum held by OKX.
The global chief of OKX, Lennix Lai, said everyone in Hong Kong can explore the crypto world through a desirable app. OKX app is trustworthy and easy to use. He said they are ready to offer Hong Kong users a secure and safe service.
They are cooperating with regulators to obtain the necessary license under the new VASP regime. They plan to make Hong Kong a digital asset hub supporting the government’s policy goals.
Tokens can be purchased through a third-party provider with HKD peer-to-peer or via ApplePay, MasterCard, and Visa. They also declare that after a month’s time, additional features will be enriched. These features will be added by keeping the Securities & Futures Commission (SFC) guidelines in mind.
This centralized cryptocurrency exchange was established in 2017. Since then, there has been a rise in trading volume, security, and compliance. Now, with this app, the commitment to transparency and security will increase.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
