OSL Applies for Licensing Uplift to Enable Retail Trading, Expanding Access to Digital Assets in Hong Kong
OSL, the world’s first SFC-licensed and insured digital asset platform, has made a significant announcement today. The company has applied for an uplift to its existing license with the Securities and Futures Commission (SFC) of Hong Kong, in order to facilitate retail trading. This move comes in accordance with new regulatory requirements that came into effect on June 1, 2023.
The application for an uplift in the license demonstrates OSL’s ongoing dedication to compliance and excellence in the digital asset space. It also showcases the company’s commitment to expanding access to digital asset trading for all types of investors, including retail investors.
OSL has been a vocal supporter of the SFC’s new regulatory framework for digital asset trading, which is considered groundbreaking and sets a global standard. The uplift in the license will enable OSL to provide virtual asset trading services to retail investors, while adhering to stringent investor protection measures outlined by the SFC in its recent consultation on the regulation of virtual asset trading platforms.
Under the new regulations, OSL will implement robust measures covering areas such as onboarding, governance, disclosure, token due diligence, and the safekeeping of client assets. To comply with these requirements, the company will establish comprehensive policies and procedures to ensure the protection of retail investors. OSL will extend its secured and insured hot and cold wallet infrastructure to safeguard the assets of retail clients. Additionally, OSL will maintain a stringent cold to hot storage ratio, with 98% of client assets securely stored in cold storage. This emphasis on the safety and segregation of client assets reflects OSL’s commitment to its retail clientele and aligns with its existing operations.
OSL believes that providing access to retail investors is a significant milestone in driving mainstream adoption of digital assets and expanding the reach of blockchain technologies. The company’s decision to extend its digital asset platform to retail investors underscores its dedication to fostering a regulated and transparent digital asset environment.
Ken Lo, Deputy Chairman of BC Group, expressed excitement about this new chapter in OSL’s history. He emphasized the company’s commitment to providing secure, compliant, and innovative services to its clients. The licensing uplift will enable OSL to extend its world-class digital asset platform to retail investors, granting them greater access to the dynamic digital asset market.
OSL’s application for an uplift in its license with the SFC marks a significant development in the digital asset space in Hong Kong. As retail investors gain access to regulated and secure trading platforms, the industry is likely to witness further growth and increased mainstream adoption. OSL’s dedication to compliance and investor protection sets a positive example for other digital asset platforms, emphasizing the importance of maintaining high standards and fostering a trustworthy ecosystem for all market participants.
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