Hong Kong’s securities regulator granted the first business licenses for digital asset trading as the city moves to bring crypto trading under regulatory oversight, reported Caixin.
BC Technology Group’s OSL Digital Securitiesunit obtained a securities trading license and a license to provide automated trading services from the Hong Kong Securities and Futures Commission (SFC), according to a company statement. OSL said it was the first virtual asset platform to be licensed by the SFC after the Hong Kong regulator tightened its regulation of such businesses.
The licenses permit OSL to operate regulated brokerage and automated trading services for digital assets including security tokens such as bitcoin and ethereum. They were granted after the company opted into the SFC’s virtual asset regime and underwent the SFC’s rigorous vetting requirements, the company said.
“This is a significant day for us,” OSL CEO Wayne Trench told Caixin. Obtaining the licenses adds the “final piece of the puzzle” to the company’s business structure, he said. OSL offers brokerage, electronic trading and custody services to institutional clients.