OSL, a top digital asset trading platform in Asia has received licenses from Hong Kong’s Securities and Futures Commission (SFC). The firm is also looking to obtain a license from Singapore’s regulatory body.
OSL Becomes SFC’s First Licensed Crypto Exchange Platform
According to an official release on Tuesday (Dec. 15), the BC GTechnology Group member was granted a Type 1 (dealing in securities) and Type 7 (automated trading service (ATS) license from the SFC.The company obtained the approval from the Hong Kong regulator after fulfilling the SFC’s stringent requirements.
With the new approval, OSL would be able to carry out automated trading and regulated brokerage for virtual assets. Also, the trading platform, when launched, will support major cryptocurrencies like Bitcoin (BTC) and Ethereum (ether), together with selected security token offerings (STOs).
Furthermore, with the SFC licenses, customers get insurance protection on crypto assets like Bitcoin, holding the digital assets in client-segregated wallets. In addition, OSL would conduct strict know-your-customer (KYC) and anti-money laundering (AML), in order to “mitigate the risk of market misconduct through market surveillance.”
Commenting on the receipt of the SFC license, Wayne Trench, the CEO of OSL, said:
“Institutions, and other professional investors, including HNWIs and family offices, can now trade digital assets with the region’s most comprehensive and trusted digital asset platform in OSL. Because the framework is under the auspices of a leading global regulator and modeled after existing licensing for financial services, clients can trade with confidence under the protections and safeguards to which they are accustomed.”
Also, according to Matt Long, an OSL executive, the license from the SFC gives OSL an edge over its competitors, with Long saying:
“OSL now stands apart from the competition as an innovative first mover, as the world’s only listed, SFC-licensed, Big 4 audited and insured digital asset platform for institutions and professional investors to securely onboard into the digital asset economy.”
In addition to obtaining the SFC licenses, the OSL has also submitted an application to Singapore’s regulatory body, the Monetary Authority of Singapore (MAS), to get a digital asset license under the MAS Payment Services Act.