OKX is making sure it becomes the potential candidate to gain wider access to the market of Hong Kong. The most recent attempt is launching the enhanced version of its mobile application for customers, specifically in the said region, in accordance with the VASPs requirements. OKX is the second biggest crypto platform in terms of trading volume. Hong Kong customers gain access not just to that reputation but also to the top 16 cryptocurrencies.
The crypto venture has more than 350 cryptocurrencies and 500+ trading pairs listed on the platform. Details can be checked in our OKX review, which also talks about its unique features like payment options and fee structure.
These include ETH and BTC, to mention a few. OKX is ultimately looking to make sure that traders in Hong Kong get a secure and sophisticated experience when dealing with crypto. Needless to say, it makes way for new users who have been hesitant till the moment.
The enhanced version of the mobile application of OKX is in accordance with the requirements for VASPs, short for Virtual Assets Service Providers. Meaning OKX is now in accordance with terms related to technology, security, and risk management. Users can buy, sell, and hold their favorite cryptocurrency at OKX, knowing that the operations are well under the regulations of relevant authorities.
OKX launching the enhanced version of its mobile application follows the crypto entity setting up a new venture in Hong Kong. The group for the establishment was seeking the proposed license application under the new regulatory regime. It goes into effect on June 01, 2023, a year since OKX has been trying to uplift its operations and controls.
That was a part of the preparation for the regulatory requirements. OKX continues to work with Hong Kong authorities to showcase how it stands true to the commitment to custody, security, AML, and other applicable compliances.
Stands taken by OKX in Hong Kong are cemented by its practice of publishing crypto-holding monthly reports. This is done through its Proof of Reserves, allowing the community to individually verify the solvency of the exchange platform. The upgrade also brings zk-STARK zero-knowledge technology, enabling customers to check if their assets are protected by OKX reserves.
The last report was published in April, highlighting that it holds approximately $10.4 billion in ETH, BTC, and USDT.
Lenix Lai, the Global Chief Commercial Officer at OKX, has published a statement for the community. Lai has assured that the crypto venture is committed to offering secure and intuitive trading for cryptocurrency. Lenix has further stated that they will continue to collaborate with regional regulators throughout the process of licensing.
Additionally, OKX is said to be looking for an investment opportunity with the aim of making Hong Kong a major hub of digital assets to support the policy goals of the government.
As of now, customers of OKX in Hong Kong can purchase their favorite tokens via HKD, P2P, Visa Card, ApplePay, or MasterCard.