Hong Kong Regulator Issues First and Only Cryptocurrency Trading License
The broker OSL received the license. Its main clients are institutional and private investors with experience and large assets (over $1 million)
According to information from OSL, a license of the first type (for trading in securities) and the seventh type (automatic exchange) were obtained. Based on this, the company plans to launch a platform for trading BTC, ETH and other profitable cryptocurrencies for investment.
OSL and our parent BC Technology Group (HK stock code: 863) are thrilled to announce that the SFC has granted us virtual asset licenses for automatic trading service and brokerage in Hong Kong. Licensing covers STOs.🥳🥳🥳https://t.co/l7LvH6D1JX pic.twitter.com/jQLucPq8Lv— OSL (@osldotcom) December 15, 2020
The cryptocurrency trading license was obtained after rigorous verification. Its presence means a lot to an investment broker. The company will now be able to provide its services in mainland China. This is a huge market.
Why did OSL get the license?
The Hong Kong brokerage platform OSL has been listed on the Hong Kong Stock Exchange through its parent company (BC Technology Group) for 15 years.
This is a major broker. Not surprisingly, he received the first such license from the Securities and Futures Commission (SFC). It is also unlikely that any smaller platform will be able to obtain such a license.
OSL has also applied for licensing with the Singapore Monetary Authority (MSA). So the company is seriously aiming to enter the Chinese market. To do this, she ensures that customers will fully comply with KYC and AML requirements.