OKX Nears Final Stage of VASP License Application in Hong Kong

OKX is nearing the completion of its VASP license application process for operations in Hong Kong, with the goal of acquiring up to 200,000 retail customers within a year of getting the green light.

Li Zhikai, OKX’s Global Chief Business Officer and representative of one of the top 10 largest cryptocurrency exchanges indicated that the organization is in the final stages of its license application and is hopeful of securing the license by June 2024.

The company anticipates that gaining this regulatory approval will draw between 100,000 and 200,000 retail customers in Hong Kong in the subsequent year. Should the VASP license be granted, as indicated in a recent announcement, it would enable OKX to provide a range of cryptocurrency services in Hong Kong, including trading and custody of assets. Li Zhikai pointed out that dialogues with financial institutions are ongoing and emphasized the company’s readiness to start operations. He also mentioned that initial steps like technical integration are already underway.

Li added that financial institutions have been reserved in their stance toward the virtual currency sector for a considerable amount of time, necessitating a preparatory phase to allocate resources before taking more assertive actions.

Additionally, as the designated “standard partner” for the UK’s Manchester City football team, Li Zhikai aims to leverage this relationship for investor education throughout the year. By partnering with the team, he intends to assure the people of Hong Kong that the virtual currency industry is both secure and sufficiently regulated.

This development follows HashKey’s announcement last month that it plans to extend its cryptocurrency services to retail consumers in Hong Kong. HashKey became the city’s first licensed retail virtual asset exchange and allows for direct bank transfers in both USD and HKD, as well as other cryptocurrencies.

Despite concerns from countries like the United States, Hong Kong is actively working to become a global cryptocurrency center. The city issued its first licenses to regulate cryptocurrency exchanges in August, signaling its ongoing efforts to improve its standing, attract fresh investments, and bring talent back to the city, as Forbes reported.

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