As the world of cryptocurrency continues to grow, OKX, the world’s second-largest cryptocurrency exchange by trading volume, has recently released an upgraded version of its app. This comes as great news for users in Hong Kong, as the platform’s new features have been developed specifically to enable safe and secure spot trading of virtual assets.
The listed tokens available for trade now include major virtual assets such as BTC, ETH, ADA, and many more. In total, users can buy, sell, and convert 16 widely used cryptocurrencies, making it easier than ever to jump into the highly competitive world of crypto trading. Tokens can be purchased with HKD, peer-to-peer, or via ApplePay, Visa, and Mastercard through third-party providers.
OKX has been preparing diligently for Hong Kong’s new regulatory framework covering virtual asset service providers (VASPs). With the deadline for the new regulations looming on June 1, 2023, the company has established a local entity for its license application and has ramped up its efforts over the past year to enhance its operations and controls to meet anticipated regulatory requirements.
Hong Kong’s government envisions their city as a thriving hub for digital assets, and as such, OKX is actively working with authorities to demonstrate their commitment to stringent security measures, custody solutions, anti-money laundering protocols, and compliance capabilities. Meeting the high standards expected of licensed VASPs is essential to establishing a successful relationship with key stakeholders in this up-and-coming crypto hub.
Global Chief Commercial Officer of OKX, Lennix Lai, emphasized the company’s dedication to providing a secure and user-friendly crypto trading experience for users in Hong Kong and worldwide. It is clear that OKX is committed to working closely with regulators during the licensing process under the new VASP regime, with Lai stressing the importance of collaboration and cooperation in this dynamic and sometimes unpredictable industry.
However, as with any financial venture, the crypto world is not without its uncertainties. While OKX’s expansion into Hong Kong is seen as a positive step for both the company and the wider industry, it is crucial for investors to conduct thorough market research before committing their funds to any cryptocurrency investments. Advocating that personal financial loss is a responsibility that should not be taken lightly, OKX is keen to highlight the significance of due diligence in such a volatile market.
In conclusion, OKX’s upgraded app and its renewed focus on Hong Kong’s digital asset hub underscore the growing influence of virtual assets around the world. As the regulatory landscape continues to evolve, it becomes increasingly important for industry leaders like OKX to collaborate closely with government authorities to provide a safe, secure, and user-friendly trading environment for all participants.
Source: Coingape
