OKX Applies for License Under Hong Kong’s Virtual Asset Scheme

OKX is the first large cryptocurrency exchange to file for a license under Hong Kong’s virtual asset scheme. The exchange regional subsidiary OKX Hong Kong submitted the application on November 16. 

The trading platform filed for the license after 8 months of its establishment in Hong Kong and is the seventh company to apply formally. A day before OKX’s application to PantherTrade, an exchange submitted its application to the regulators. 

Lennix Lai, the chief commercial officer of OKX global, noted while talking to the media “We look forward to working closely with the SFC to advance OKX Hong Kong’s application while promoting the city as a global-lending virtual asset hub.” 

OKX is among a handful of companies that expressed their interest in pursuing an VATP license following the new legal regime introduced in 2022. The new rules and regulation came into effect in June 2022, but the law was enforced on a one year grace period.

OKX has working to expand its presence globally. Apart from OKX, other crypto exchanges such as Crypto(dot)com and HTX also expressed interest in the license.

As per the latest crypto rules in Hong Kong, the exchange seeking a license must apply by March 1st. Notably, the process of securing a license is lengthy and costly. 

Earlier this week, OKX worked with Tether and the Department of Justice U.S to trace $225 Million Tether coins swiped by human traffickers. Following a thorough investigation, Tether froze $225 Million of its tokens linked to human traffickers of Southeast Asia. 

OKX Includes Solana Pairs

TheCoinRepublic reported on October 13 2023 that OKX had listed USDT-SOL and USDC-SOL pairs to meet the trading demand.  

OKX’s officials stated that the listing of Solana was mandatory on the platform given the sharp surge in its demand.

Price Overview of Solana (SOL)

CoinMarketCap data states that Solana price grew 91.73% in the monthly time frame. When writing, it was trading at $55.14 with an intraday trading volume $2,552,349,320. In the past 24 hours, trading volume of SOL rose 31.93% which makes it the 7th most traded tokens in the entire market. 

Disclaimer

The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.

Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.