Digital Assets: OSL The First Crypto Exchange To Be Licensed By Hong Kong’s SFC

December 18, 2020 | Digital Assets, News, Regulations
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OSL will offer trading in Bitcoin (BTC), Ethereum (ETH) and other high-quality cryptocurrencies, along with select STOs.

The Securities and Futures Commission (SFC) licensed OSL Digital Securities to operate a regulated brokerage and automated trading service for digital assets. OSL is now the world’s first SFC-licensed, listed, digital asset wallet-insured, Big-4 audited digital asset trading platform for institutions and professional investors, it said in an announcement. (Bitcoin.com)

Checks and controls

OSL Digital Securities will offer professional and institutional investors insurance protection on digital assets, including bitcoin, held in client segregated wallets. The exchange will apply KYC and AML controls on all customers. OSL will also conduct transaction monitoring, market surveillance, and other controls specific to trading of digital assets.

“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,” said OSL CEO Wayne Trench. “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.”

OSL was the first to apply for a license in Hong Kong in November 2019 under the Securities and Futures Commission’s newly unveiled framework for digital assets.

It will separately announce its go-live date to its client-base and initiate customer onboarding.

BC Group

OSL’s parent company, the BC Broup trades on the Hong Kong Stock Exchange (SEHK: 863). It reported robust results for the first half of 2020, with revenues up by 47% based on record trading volumes.

“Licensed entities are the future of digital assets and capital markets in the digital age and professional investors, hedge funds and family offices are now rapidly increasing portfolio allocations to digital assets such as Bitcoin,” said Head of Distribution and Prime Matt Long.

Related Story:  Asia-Pacific, the Most High Volume of Crypto Markets, Gets Cutting-Edge Exchange

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