Hong Kong Regulator Gives OSL Crypto Exchange License Approval

The Hong Kong regulator has given a license to the OSL Digital Securities Exchange on Friday making it a fully regulated exchange in the country as we are reading more about it in the latest crypto news.

The preliminary approval will push OSL, the subsidiary of Fidelity-backed BC Group much closer to becoming one of the main exchanges that are licensed to offer automated digital asset trading services under the current asset regime as the Securities Futures Commission revealed last November. As the Hong Kong regulator gives the exchange a license, it said that the full licensure is contingent on OSL satisfying the undisclosed conditions. OSL is also well positioned as it was the first exchange to apply for a license and seems to be the only one to go this far.

SFC is one of the few regional regulators that are beefing up the oversight of the virtual assets in response to the anti-money laundering regulations and know-your-customer concerns as well. The watchdog approach to crypto treats virtual asset exchanges similar to the traditional securities brokerages in terms of oversight but this is still an opt-in system.

Hong Kong gets closer along with Thailand, to create a central bank digital currency that will facilitate efficient payments between both of the countries. Both banks confirmed that the upcoming CBDC dubbed Project Inthanon-LionRock which is technically feasible, it will continue to utilize the blockchain technology to make cross border settlements much more transparent and cheaper with lowered risks.

Furthermore, The Hong Kong vending machines avoid Bitcoin as a payment option and chose Bitcoin Cash instead, according to Roger Ver. After Ver posted a video of a Hong Kong Vending Machine that accepts bitcoin Cash and not Bitcoin, the popular trader Tone Vays claimed that Ver paid for the vending machine to avoid accepting Bitcoin. Of course, Ver denied such claims. Roger Ver, who is an outspoken proponent of BCH, posted a video on Twitter of a Hong Kong vending Machine that also accepted Litecoin, Binance Coin, and Ethereum but not BTC. He believes that this is because of the high fees and network traffic.

The Hong Kong police have successfully arrested the thieves that stole $30,000 from bitcoin ATMs. The arrested men ranging from 26 to 55 exploited six different BTC ATM machines and manipulated them into cashing out the Hong Kong dollar equivalent of more than ,000 US dollars.
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