The digital asset platform OSL, on August 21, received an approval-in-principal from the financial regulator of Hong Kong to operate business related to crypto.
Currently, OSL is in the first stage of the full authorization process. In order to receive a license from the Securities and Futures Commission, the platform would have to fulfill all the requirements of the regulators.
OSL To Abide By SFC’s Regulatory Provisions
OSL is determined to receive a full-provider license in Hong Kong, therefore, it would be working with the regulators and fulfill all the demands of the SFC.
The digital asset platform is looking forward to offering regulated brokerage and automated trading services to its customers.
As per the reports, OSL is a part of the BC Group, a company that claims its offerings to be only audited by a Big Four firm.
The digital asset platform offers different services like over-the-counter trading, brokerage, insured custody, and wallet services.
OSL’s institutional-grade market matching engine not only can facilitate thousands of orders in a second but also strengthen the Financial Information eXchange protocol and REST API connectivity.
Recently the CEO of OSL’s parent company BC Group, Hugh Madden, has said, “Securing approval-in-principle for a virtual asset trading platform license in Hong Kong, inclusive of security tokens, underscores our commitment to comprehensively addressing the demands of institutional investors.”
SFC Plans To Offer Authorization To Crypto Fund
The financial regulators of Hong Kong, SFC, has been planning to offer more vigorous kind of investor protection to the crypto exchanges and for that, it would have to generate an expanded regulatory framework for them.
A part of the sample proposed by SFC indicates that the regulators might offer certification to crypto funds.
The regulatory agency of Hong Kong is also examining crypto exchanges to provide authorization to them. The commission would be analyzing exchanges compatibility with their regulatory provisions.
It has been reported that the regulators would offer license to only those exchanges which abide by SFC’s Type 1 and Type 7 regulated activities.