Seeking approval from financial regulators has become one of the biggest problems of the crypto industry. Hong Kong has been working towards regulating crypto platforms and even put in place laws to keep them in check. As a result of this, the crypto platforms operating in Hong Kong are mandated to have a license. Abiding by these laws, a prominent digital asset firm, OSL had previously sought a license from the Securities and Futures Commission of Hong Kong.
Hong Kong Mandates The Need Of License For Crypto Platforms
In a recent announcement, OSL revealed that it would deliver its digital asset services to the corridors of Hong Kong. The platform is a part of BC Group which is backed by Fidelity. The Securities and Futures Commission [SFC] got an application for a license from OSL back in November and was the first to apply for a crypto license in the region. While the SFC gave the platform a thumbs-up back in August 2020, OSL reportedly brushed up on all the requirements that the SFC had asked for.
With this license, OSL can deliver an array of digital asset-related services to the citizens of Hong Kong. The platform is all set to open up trading for prominent cryptocurrencies like Bitcoin [BTC], Ethereum [ETH] along with several other assets. OSL Digital Securities will also allow users to avail select security token offerings [STOs].
The world seems to be coming to terms with the fact that the institutional interest has been zooming towards Bitcoin and other assets. Elaborating on the same, Wayne Trench, the CEO of OSL said,
“Institutions, and other professional investors, including HNWIs and family offices, can now trade digital assets with the region’s most comprehensive and trusted digital asset platform in OSL. Because the framework is under the auspices of a leading global regulator and modeled after existing licensing for financial services, clients can trade with confidence under the protections and safeguards to which they are accustomed.”
Regulators have been upping their game following the emergence of a number of crypto platforms. Digital asset platforms are making sure to comply with the laws put forth by regulators across the globe. OSL went a step ahead as the digital asset platform revealed that it had applied for a digital asset license under the Payments Services Act from the Monetary Authority of Singapore [MAS].
The latest license acquired by the OSL from the SFC makes the digital asset platform the first firm to attain a license from the SFC.