Hong Kong issues first crypto license to OSL
The cryptocurrency world has been used to regulators coming down hard on the crypto businesses, especially in China. However, according to a recent update, Hong Kong regulators have given its first SFC-License to OSL. According to the official announcement from the parent company of OSL, BC Technology group:
“OSL, Asia’s leading digital asset platform and member of BC Technology Group (stock code: 863 HK), today was the first firm to become licensed by the Securities and Futures Commission (SFC) to conduct Type 1 (dealing in securities) and Type 7 (automated trading service (ATS)) regulated activities, and is now the world’s first SFC-licensed, listed, digital asset wallet-insured, Big-4 audited digital asset trading platform for institutions and professional investors.”
This license allows the OSL Digital Securities to operate regulated digital asset brokerage and automated trading services, which include Bitcoin [BTC] and Ethereum [ETH] along with Security Token Offerings [STOs].
Nevertheless, the license permits the firm to only serve institutional and professional investors who hold assets worth over 8 million HKD, according to Chinese reporter, Colin Wu on Twitter. The CEO of OSL, Wayne Trench noted the rising institutional investment in Bitcoin and other digital assets and stated that:
“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.”
The announcement also added that apart from the Hong Kong licenses, OSL has also applied to the Monetary Authority of Singapore for a digital asset license under the Payment Services Act. With the first licensed crypto business, OSL will be able to direct the interest of users from other exchanges towards itself. OSL now has a first-mover advantage as it becomes the world’s only listed, SFC-licensed, Big 4 audited, and insured digital asset platform.