Hong Kong Government Accelerates Cryptocurrency Product Approvals Following Fraudulent cases: OSL Compliance Exchange

Originally appeared on  Cryptonews

The JPEX incident has prompted the Hong Kong government to expedite the approval process for cryptocurrency products to promote compliance in the industry.

According to OSL Compliance Exchange, a licensed virtual asset platform, financial technology solution providers have shown interest in the potential benefits of integrating tokenized platforms with banks in the future. 

This integration could leverage the public’s trust in banks, thereby facilitating the growth of the virtual asset industry.

In a  comment to Chinese newspaper Ming Pao , BC Technology, a subsidiary of OSL and a licensed virtual asset platform company, acknowledged the government’s longstanding support for the licensed virtual asset industry. 

Hu Zhenbang, chief financial officer of OSL, noted that regulatory authorities have expedited product approvals since the JPEX incident. 

He emphasized that non-compliant platforms will face stricter monitoring, preventing them from employing excessive advertising at MTR stations as seen in the past.