Cryptocurrency exchange OKX intends to open a branch in Hong Kong.
According to the press release, the platform will also apply for a virtual asset service provider (VASP) license.
OKX representatives have emphasized preparations for the opening were carried out throughout the year. The company has conformed to local regulatory requirements in terms of "organizational, product, security and compliance standpoints."
Lennix Lai, managing director of OKX, has said:
"Through the new VASP regime, the Hong Kong government has created a robust regulatory framework and the right conditions for Hong Kong to become a world-leading virtual asset hub. We're looking forward to applying for the relevant licenses via our Hong Kong entity."
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Huobi has previously filed a similar VASP application. Tron founder Justin Sun, who sits on the platform's advisory board, has said the platform plans to open a new trading platform in the jurisdiction.
Hong Kong Financial Secretary Paul Chan announced in February that the authorities will allocate around $6.4 million to accelerate the development of the local Web3 ecosystem.