Authorities in Hong Kong have officially given approval for the region’s first cryptocurrency exchange. The country’s Securities and Futures Commission (SFC) has now given OSL Digital Securities the greenlight to begin offering cryptocurrency services to interested persons in the country.
OSL Digital Securities is a digital currency firm backed by American investment giant, Fidelity Investments. The Hong Kong SFC gave its approval to the crypto company after it met all of the regulatory requirements set by the authority.
According to a Reuters report, OSL Digital Securities first applied to the SFC in November last year. In that time, both entities have been going back and forth, to fine-tune the requirements and the mode of operation.
Chief executive Hugh Madden of BC Group, OSL Digital Securities’ parent company, has praised the development. According to him, the licensing will allow the company to work better, access more opportunities, and allow more corporate participation. Madden said:
“Licensing is a game-changer, because it provides certainty and confidence to investors, unlocking massive participation as it drives the increasing use of our platform by the global institutional investor community.”
Players in the Hong Kong crypto sector have not heard much from the country’s regulators regarding the space. Regardless, Binance announced a fiat gateway in February, with support for Hong Kong dollars.
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