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Leading cryptocurrency exchange OKX has applied for a virtual asset trading license from the Hong Kong Securities and Futures Commission (SFC), the South China Morning Post reported Tuesday.
OKX's name is on the recently updated list of virtual asset trading platform license applicants, and is working closely with regulators to meet the necessary regulatory requirements, the report said. Obtaining a virtual asset trading license would enable OKX to offer a broader range of digital asset services to its users in Hong Kong, increasing its credibility in the local market.
This development underscores the growing importance of regulatory compliance in the cryptocurrency industry and OKX's dedication to adhering to regulatory frameworks in various jurisdictions. The exchange's efforts align with the broader trend of crypto exchanges seeking licenses and approvals to operate legally and securely in a rapidly evolving market.