Hong Kong Greenlights First Crypto Exchange
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Aug. 24, 2020

Hong Kong’s Securities and Futures Commission (SFC) has issued a license to crypto firm OSL Digital Securities, a unit of Fidelity-backed BC group, to offer digital assets services.

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According to an official press release, OSL became the first firm to receive an approval from the SFC to operate a brokerage and automated trading service for digital assets, including security tokens in Hong Kong under new rules.

BC Group CEO Hugh Madden says licensing is a game changer as it provides "certainty and confidence to investors."

"Until now, traditional finance has been observing this asset class with interest, but lack of regulatory clarity has so far discouraged participation," Madden added.

OSL CEO Wayne Trench pointed out that the SFC had displayed impressive foresight in 2017 when it embarked on developing an ecosystem for professional and institutional traders to invest in digital assets.

"Recent global regulatory developments, emerging sovereign digital currency trials and increasingly cashless societies, exemplify that digital assets are today’s reality and not some distant dream," Trench highlighted.

Previously, iHodl reported that Hong Kong police had detained three men, aged 26 to 55, who were allegedly got unauthorized access to access bitcoin ATMs.

40% of New Fintech Companies in Hong Kong Use Blockchain

Having taken advantage of the so-called "loopholes" in the ATM, the bad actors managed to withdraw approximately $30,000 in 11 transactions without authorizations from six separate bitcoin ATMs.

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