OSL Statement: SFC-HKMA Joint Circular is a Critical Tool for the Development of a Competitive Digital Asset Market in Hong Kong
New guidance from regulators allows licensed brokers and banks to offer digital asset trading services exclusively with licensed digital asset trading platform providers
Hong Kong – 28 January 2022 – The Hong Kong Monetary Authority (HKMA) and the Hong Kong Securities and Futures Commission (SFC) issued a joint circular today, allowing registered institutions and licensed corporations to provide digital asset investment services by partnering only with SFC-licensed virtual asset trading platforms.
This joint announcement is a critical tool which will help create competitive digital asset markets in Hong Kong and will accelerate the development and acceptance of regulated digital assets in Asia and globally.
The clarity provided by the circular will increase the demand for digital assets in Hong Kong from licensed asset managers, banks and brokers, allowing these companies to securely onboard into the rapidly growing digital asset ecosystem. It’s not just regulated brokers and private banks in Hong Kong that will benefit from this change – this is a blueprint for operators and investors in the regional regulated digital asset ecosystem.
As an SFC-regulated digital asset platform, regulatory compliance and customer safety is built into OSL’s DNA. OSL and BC Group strongly support the policies and procedures in this circular as well as those set forth by the SFC in reference to regulated digital assets over the past several years.
About OSL
Backed by Asia’s leading public fintech and digital asset company, OSL Group (863.HK), formerly BC Technology Group, OSL is the world’s first SFC-licensed and insured digital asset platform. Founded in 2018, OSL has an established history in the sector and is recognised by many as the leader in providing comprehensive regulated and licensed digital asset solutions.
OSL offers Markets services (brokerage, exchange, and custody) and SaaS technology solutions, which deliver institutional clients in addition to professional and retail investors access to global liquidity through its best-in-class digital asset platform. OSL’s secured and insured hot and cold wallet infrastructure also ensures the safekeeping of digital assets with timely transaction settlements.
As the digital asset industry continues to evolve, so does OSL. OSL’s simple and tailored approach compliantly navigates international clients through the evolving digital assets environment.
For more information, visit: group.osl.com
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