As per the recent reports, the Securities and Futures Commission of Hong Kong has granted a license for OSL. OSL is a prominent digital-asset platform that is based in Asia and is part of the BC group that is backed by Fidelity. The OSL has been officially licensed by the Securities and Futures Commissions of Hong Kong to operate in Hong Kong.
After acquiring the license from the Hong Kong regulators, OSL Digital Securities will now be able to legally operate in the country. The license will allow the digital-asset platform to operate as an automated trading and brokerage entity in the digital-assets space. However, the firm has to operate being adherent to all the regulations and policies currently being practiced in Hong Kong.
As per local sources, the process of granting a license to OSL Digital Securities was under consideration by the SFC since August of 2020. The SFC announced and confirmed that the OSL Digital Securities was able to meet all the requirements and passed all the assessments before it was officially licensed to operate in Hong Kong.
Now that the OSL Digital Securities has managed to acquire the license to operate in Hong Kong, it has revealed what would it be the firm’s first course of action. As part of its initial services offering the program, OSL Digital Securities will be offering its services in some of the major crypto-assets.
In the initial phase, the services offered will be for Bitcoin (BTC) and Ethereum (ETH) that are the first and the second largest cryptocurrencies as per capitalization. Apart from the cryptocurrencies, OSL Digital Securities will also choose security token offerings (STO) for their Hong Kong-based users.
Further to the crypto-assets, digital-assets such as Bitcoin (BTC) will have insurance protection and the users’ holdings will be kept in the client-segregated wallets. Most importantly, the Hong Kong regulatory authorities have made it crystal clear to the OSL Digital Securities to be fully compliant with the major regulations.
The most important and critical regulations that have been emphasized by the Hong Kong regulators are Know-Your-Customer and Anti-Money Laundering regulations. The OLS Digital Securities’ legal team has confirmed that it will practice full compliance with the regulations put in place by the regulators from Hong Kong. It will try its best to keep a track of the personal identification information (PII) of all its users as well as monitor any high-risk or unusual transactions.
While sharing his pleasure and thanking the regulatory authorities of Hong Kong, the prime and head of distribution at OSL ‘Matt Long’ talked about digital-assets and regulations. He stated for the crypto-industry to become a permanent financial solution and future of digital assets, it needs to be fully compliant with regulations.