• OKX is expanding its operations to Hong Kong, allowing users to purchase and trade cryptocurrencies with HKD.
• The exchange has set up a local organization to conform to regulatory frameworks that are scheduled to take place in June 2023.
• OKX works with government agencies to make Hong Kong a center for digital assets and ensure a safe and straightforward platform for crypto trading.
OKX Expands Services To Hong Kong
OKX is expanding its services to Hong Kong by introducing spot trading of various cryptocurrencies, such as Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Polygon (MATIC) and Solana (SOL). The exchange hopes to accommodate consumer interests by offering 16 primary virtual assets. In preparations for the upcoming regulatory framework that will be effective June 1, 2023, OKX has set up a local organization in order to comply with the regulations governing virtual asset service providers (VASPs).
Local Regulations Regarding VASPs
The government of Hong Kong wants the city to be a center for digital assets. Therefore, OKX works closely with authorities throughout the VASP licensing process in order to strengthen their operations, controls and security measures while also ensuring anti-money laundering (AML) regulations are met. Additionally, OKX Global’s Chief Commercial Officer, Lennix Lai stressed the need for providing customers with a safe and straightforward platform when trading cryptocurrencies.
Payment Options Available
Users can access P2P transactions or third-party providers like ApplePay, Visa or Mastercard in order buy cryptocurrency using HKD. Furthermore, users are able convert between many different types of cryptocurrencies on the exchange as well as purchase them using various payment options.
Ripple Buys Pantera Capital’s Minority Share In Bitstamp
In related news, Ripple recently purchased Pantera Capital’s minority share in Bitstamp – one of Europe’s oldest exchanges – which signals increased interest from institutional investors in the space going forward.
Overall, it appears that cryptocurrency adoption is continuing its upward trend due mainly in part from exchanges like OKX expanding their services across geographical regions while also complying with necessary regulations set forth by governments around the world.