OKX, the second-most popular digital currency exchange in the world by trading volume and a top Web3 technology provider, has updated its app to allow Hong Kong customers to perform risk-free spot trading of digital assets.
As of 25 May, the following tokens are accessible to retail investors in Hong Kong: SOL, BTC, USDT, ADA, AVAX, SAND, DOT, UNI, LINK, LTC, AXS, ETH, ATOM, XLM, MATIC, and USDC. The application allows users to purchase, trade, and convert 16 important virtual assets, including BTC, ETH, and a number of other currencies.
The tokens can be bought with peer-to-peer (P2P), HKD or from third-party providers using Mastercard, ApplePay or Visa.
They stated in a press release, “Spot trading of digital currencies to customers in Hong Kong in line with the demands placed on virtual asset service providers (VASPs) in the region.”
In order to complete its license application prior to the legal framework’s adoption on June 1, 2023, OKX has established a local company as part of its preparations for Hong Kong’s new regulatory system for VASPs. To comply with anticipated regulatory obligations, OKX has improved its services and controls in the last year.
In order to help the authorities achieve its policy goals, the city wants to grow into a vibrant centre for crypto assets.
In an effort to fulfill the high standards required for licenced VASPs, the firm actively works with regulatory bodies to demonstrate its safety protocols, custody solutions, anti-money laundering (AML) processes, and regulatory capabilities.
Lennix Lai, Chief Commercial Officer of OKX Global, emphasised the firm’s dedication to provide its customers with a safe and straightforward crypto trading experience. Lai reaffirmed OKX’s commitment to work closely with the authorities throughout the licencing procedure under the new VASP system.