(Hong Kong – February 27, 2023) OSL, the digital asset business division of BC Technology Group (HKSE: 0863), is pleased to announce its support for the proposed regulatory framework by the Securities and Futures Commission (SFC) for digital asset trading platforms in Hong Kong. This initiative is a significant milestone for the retail market in the city, which will soon benefit from the protection of a world-class regulated, and secure local digital asset ecosystem.
As the first “licensed virtual asset service provider” (VASP) in Hong Kong that has been operating under SFC supervision for two years, OSL has been a strong supporter of the local digital asset industry. As the industry continues to evolve, OSL, with its unique compliance experience and know-how in this area, remains fully supportive of the SFC’s efforts in issuing licenses under Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO), as to establish a level playing field for all participants.
Thinking forward to B2B2C
OSL and its institutional partners strongly support this ground-breaking step, which will help enhance investor protection, promote market integrity, and foster the development of a vibrant digital asset market in Hong Kong.
The unique strength of OSL is in its B2B capabilities, combined with the B2C distribution of its institutional partners. This integrated approach allows OSL to deliver a unique value proposition in scaling up within the digital asset ecosystem, providing institutional-grade trading, custody, and brokerage services to a wide range of clients, including retail investors.
Working together to its success
“We believe a collaborative approach between the industry and the SFC is key to building a thriving digital asset market in Hong Kong, and we encourage other industry participants to submit their comments on the consultation paper. We are optimistic about the future of the digital asset market in Hong Kong and are committed to working with the SFC to ensure the new licensing regime provides a safe, secure, and compliant environment for retail traders to participate in the market,” said Gary Tiu, Executive Director and Head of Regulatory Affairs at OSL.
About OSL and BC Technology Group
Backed by Asia’s leading public fintech and digital asset company, BC Technology Group (863.HK), OSL is the world’s first insured and SFC-licensed digital asset platform. Founded in 2018, the company has a long history in the sector and is recognized by many as the leader in providing comprehensive regulated and licensed digital asset solutions.
We offer Markets services (brokerage, exchange, and custody) and SaaS technology solutions, which deliver institutional clients and professional investors access to the best-in-class virtual asset platform, as well as the world’s deepest liquidity pools. Our secure 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 do we. Our simple and tailored approach compliantly navigates international clients through the evolving digital assets environment. For more information, visit: osl.com and bc.group