(Hong Kong, June 1, 2023) - OSL , the world's first SFC-licensed and insured digital asset platform, is thrilled to announce that it has applied for an uplift to its existing license with the Securities and Futures Commission (SFC) of Hong Kong to facilitate retail trading, in line with the new regulatory requirements effective from June 1, 2023.
This application reflects OSL's ongoing commitment to compliance and excellence in the digital asset space, as well as its dedication to expanding access to digital asset trading for all types of investors.
OSL has been a vocal supporter of the SFC's new regulatory framework for digital asset trading, a groundbreaking model that sets a global standard. The uplift in license will allow OSL to provide virtual asset trading services to retail investors, subject to stringent investor protection measures, in accordance with the SFC’s recently concluded consultation on regulation of virtual asset trading platforms.
The new regulations include robust measures covering onboarding, governance, disclosure, token due diligence, and the safekeeping of client assets. In keeping with these requirements, OSL will establish comprehensive policies and procedures to ensure the protection of retail investors. This includes extending our secured and insured hot and cold wallet infrastructure for the safekeeping of retail client assets. To further safeguard client assets, OSL will maintain a stringent cold to hot storage ratio, ensuring 98% of client assets are securely stored in cold storage. The safety and segregation of client assets, which has always been a cornerstone of our operations, is now being extended to our valued retail clientele as a result of this licensing uplift.
OSL believes that providing access to retail investors is a significant step in driving the mainstream adoption of digital assets and expanding the reach of blockchain technologies. This move also underscores OSL's commitment to fostering a regulated and transparent digital asset environment.
"We are excited about this new chapter in OSL’s history. As we continue to navigate the evolving digital assets environment, our priority remains to provide secure, compliant, and innovative services to our clients. This licensing uplift will allow us to extend our world-class digital asset platform to retail investors, providing them with greater access to the dynamic digital asset market," said Ken Lo, Deputy Chairman of BC Group.
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: osl.com
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