Hong Kong-based regulated bitcoin exchange OSL sent SFC an application for renewal of the current license of the platform operator for trading digital assets.
OSL, the world’s first HongKong SFC-licensed and insured digital asset platform, announced that it has applied for an uplift to its existing license to facilitate retail trading, in line with the new regulatory requirements effective from June 1, 2023. https://t.co/P1kBUd3A2R
— Wu Blockchain (@WuBlockchain) June 1, 2023
The decision was made in connection with the entry into force of new regulatory requirements of the department in relation to retail investors from June 1, 2023.
The company noted its commitment to the SFC regulatory framework and indicated its desire to expand access to digital asset trading for all types of market participants.
To comply with the new regulations, OSL will extend asset segregation and the use of hot and cold wallet infrastructure to retail investors.
On June 1, it also became known that NewHuo, a company associated with Huobi co-founder Li Ling, had withdrawn its application for SFC licenses and MAS. The first happened in January 2023, the last in November 2022.
NewHuo, a Hong Kong-listed company controlled by the former founder of Huobi Lilin, has withdrawn its application for crypto exchange license in Hong Kong and Singapore. Some people think that Hong Kong and Singapore compliant exchanges are not profitable. https://t.co/c76wo8T7LR
— Wu Blockchain (@WuBlockchain) June 1, 2023
The decision was made due to doubts about the profitability of the regulated platforms business. The company did not rule out that in the future they will consider the possibility of obtaining licenses VASP Hong Kong regulator.
Previously, Huobi, OKX and BitMEX filed documents to work as a regulated crypto exchange in the Special Administrative Region of China.
In January 2023, Hong Kong Financial Secretary Paul Chan announced that the jurisdiction was ready to accept crypto-currency companies from all over the world.
May chapter HKMA Eddie Yue clarified that the authorities will take a tough but reasonable approach to the regulation of cryptocurrencies.
As a reminder, Hong Kong-based custodial and trust company First Digital announced the planned launch of First Digital USD (FDUSD), a stablecoin pegged to the US dollar.
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