OKX’s response to the Hong Kong market
The major overseas crypto asset (virtual currency) exchange OKX announced on the 25th that it has enhanced its app to provide virtual currency spot trading for individual investors in Hong Kong.
Users in Hong Kong will be able to buy, sell or exchange 16 major cryptocurrencies including Bitcoin (BTC) and Ethereum (ETH) using OKX’s app.
Assets can be purchased in Hong Kong dollars, Peer-to-Peer (P2P) transactions, or third-party services through ApplePay, Visa and Mastercard.
connection:Hong Kong to enforce new rules for virtual currency exchanges from June
Hong Kong’s Virtual Currency Regulation
Hong Kong’s Securities and Futures Commission (SFC) has just announced on the 23rd that it will implement new regulations for cryptocurrency exchanges from June 1. The new regulations will also allow retail investors to trade cryptocurrencies. At the same time, the company plans to thoroughly protect investors by introducing a licensing system.
According to the requirements set by the Hong Kong government, tokens available for individual investors to purchase must be listed in at least two of the five indices: Galaxy, 21 Shares, Bitwise, Nasdaq and Wisdomtree.
OKX exchange announced today that the listed tokens for retail investors in Hong Kong are BTC, ETH, ADA, MATIC, SOL, DOT, UNI, LINK, SAND, LTC, AVAX, AXS, ATOM, XLM, USDT and USDC. Hong Kong users can buy, sell and convert 16 major virtual assets through the app, including BTC,… https://t.co/phlpxzIhHl
— Wu Blockchain (@WuBlockchain) May 25, 2023
According to Wu Blockchain, an expert on China, the 16 types listed on OKX are Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Polygon (MATIC), Solana (SOL), and Polka. Dot (DOT), Uniswap (UNI), Chainlink (LINK), The Sandbox (SAND), Litecoin (LTC), Avalanche (AVAX), Axy Infinity (AXS), Cosmos (ATOM), Stellar (XLM) ), Tether (USDT), and USD Coin (USDC).
Other requirements include being a non-security token with no fraudulent records in the last 12 months.
It also stipulates that retail investors cannot use stablecoins until the stablecoin regulations are in place sometime between 2023 and 2024. This warns of the risk that prices will no longer remain stable and investors will not be able to redeem them.
connection:Hong Kong’s Largest Crypto Bank ZA Bank to Offer Cryptocurrency Trading
