Bitcoin Regulation
OKX crypto exchange enters final stage of Hong Kong VASP license application
Published
9 months agoon
By
adminOKX cryptocurrency exchange has entered the final stage before acquiring a virtual asset service provider license (VASP) in Hong Kong. The crypto exchange expects the final approval for a VASP license by March 2024.
In an interview, Li Zhikai, the global chief commercial officer of OKX, said that it is actively engaged in a dialogue with the banks and is currently waiting for the group to be issued a license and start a business. The crypto exchange has started the preparatory work, such as technology docking.
Hong Kong became a pro-crypto nation in 2023 and announced a licensing regime for crypto exchanges to offer their services to retail customers. While more than 80 crypto firms initially showed interest in opening an office in the country, only a couple of crypto platforms, such as HashKey and OSL, gained the necessary license to start retail crypto trading services.
HashKey started offering retail crypto trading services to Hong Kong users on Aug. 28. The regulatory body in the country has opened only Bitcoin (BTC) and Ether (ETH) trading for retail customers to cut back on the risk involved with investing in new crypto tokens. The regulations also put a 30% cap on investors that only allows them to invest one-third of their net income.
Related: Hong Kong and Saudi Arabia collaborate on tokens and payments
Apart from HashKey and OSL, Huobi and Gate.Io have also applied for retail crypto trading services and are currently waiting to get the regulatory nod. Previously, a Gate.Io executive shared the regulatory experience in Hong Kong and told Cointelegraph that compared to other regulators, the Hong Kong Securities and Futures Commission (SFC) has a stricter requirement for virtual asset service providers. The regulator has made it compulsory for crypto platforms to offer insurance/compensation arrangement requirements to help protect clients. Apart from that the crypto exchanges are required to hold 98% of assets in cold wallet storage.
Cointelegraph reached out to OKX to get their views on the regulatory experience and their expectations from the Hong Kong retail market but didn’t get an immediate response.
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Bitcoin Regulation
Crypto community jubilant over Grayscale decision, but uncertainty remains
Published
9 months agoon
August 29, 2023By
adminThe crypto community received the decision it had been hoping for when the District of Columbia Circuit Court of Appeals ruled on Grayscale Investments’ Bitcoin spot ETF application. The United States Securities and Exchange Commission (SEC) rejection of the application was overturned.
The decision was “a slaughterfest of the SEC arguments,” Cinneamhain Ventures founder Adam Cochran said on X (formerly Twitter). “This changes everything. Time to pay attention again,” influencer Miles Deutscher chimed in.
The initial enthusiasm was tempered by the understanding that the decision was limited in its scope and the SEC has options for its next steps. Grayscale released a statement in which chief legal officer Craig Salm said:
“We appreciate that the D.C. Circuit’s opinion acknowledged that this case presented a straight-forward question about equal treatment under the law.”
This more sober evaluation gained traction as analysts considered the SEC’s resourcefulness further.
“Gary Gensler and team are discussing how this can [be] made into a political win. […] Will Gensler graciously accept defeat or talk about how these 3 judges got it wrong?” crypto lawyer John Deaton asked.
Related: BTC price jumps to 2-week highs on Grayscale vs. SEC Bitcoin ETF win
Blockchain Association chief policy officer Jake Chervinsky acknowledged the possibility that the SEC would accept defeat, calling that strategy “a face-saving narrative” and “the right move” after “a huge embarrassment.”
1/ Grayscale’s victory over the SEC is *massive.*
It’s very rare for a federal circuit court to find that an agency has violated the APA by acting arbitrarily and capriciously.
The DC Circuit just delivered a huge embarrassment for the SEC.
But the ETF isn’t approved yet
— Jake Chervinsky (@jchervinsky) August 29, 2023
Others were less optimistic. “So far, every time they lose in court they just shamelessly say the judge got it wrong and pursue more shenanigans,” Delphi Labs general counsel Gabriel Shapiro said.
if a court finds that the government acted arbitrarily and capriciously it should have to pay the other side’s legal fees — if not, there’s no consequence for bad government behavior.
— Palley (@stephendpalley) August 29, 2023
Shenanigans can be costly. “For many companies, fighting back is incredibly expensive (you will win, but you’ll be bankrupt when you do) or you’re a financial conglomerate where the SEC can fuck up the rest of your business in the meantime. Gangster behavior,” Zero Knowledge Consulting managing partner Austin Campbell said.
Live view of Garbitrary Gensler’s office reading the court order that absolutely demolishes the SEC’s efforts to defraud retail investors: pic.twitter.com/TfU1l5CLeV
— Austin Campbell (@CampbellJAustin) August 29, 2023
Crypto lawyer Jeremy Hogan reminded the community to beware of what it prays for. “Everyone, welcome ‘Big Money’ to the table. For better, or worse,” he said of the Grayscale win.
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Bitcoin Regulation
Hong Kong securities regulator warns of ‘criminal’ activity by unlicensed exchanges
Published
10 months agoon
August 7, 2023By
adminThe Securities and Futures Commission (SFC) of Hong Kong issued a notice about unlicensed virtual asset trading platforms “engaging in improper practices,” warning of potential criminal charges.
In an Aug. 7 notice, the SFC said certain trading firms had falsely claimed to have submitted applications for licenses in Hong Kong. The securities regulator said should the companies actually apply to operate legally in the special administrative region, it would consider any false statements as well as possible criminal charges.
According to the SFC, some unlicensed crypto trading platforms in Hong Kong set up new entities, claiming to have submitted applications to the securities regulator. However, “the services and products offered by some of these new entities may not be in compliance with the legal and regulatory requirements” under the SFC’s rules that became effective as of June 1.
“These established entities will also need to apply for SFC licences or they should proceed to close their business in Hong Kong,” said the financial watchdog. “Conducting unlicensed activities in Hong Kong is a criminal offence.”
Related: Hong Kong would not go crypto without China’s approval — Animoca exec
Certain crypto firms, including HashKey and OSL, have received licenses under the SFC’s regime, allowing the platforms to offer a variety of crypto services to Hong Kong residents. The licensing regime requires crypto exchanges and service providers to ensure safe custody of assets as well as follow Know Your Customer, Anti-Money Laundering and Combatting the Financing of Terrorism rules, among others.
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