November 7, 2019 / 12:22 PM / 15 days ago

OSL leaps on new Hong Kong rules with crypto exchange licence bid

HONG KONG, Nov 7 (Reuters) - Hong Kong-based OSL, part of BC Group, said on Thursday it had become the first cryptocurrency firm to apply for a digital asset exchange licence from the Securities & Futures Commission (SFC).

Hong Kong hosts dozens of cryptocurrency exchanges, including some of the world’s largest, and the SFC on Wednesday published new rules that would allow them to opt into regulation.

These stipulate that an exchange that wants to be licensed must provide services to professional investors only, have an insurance policy to protect clients in case assets are lost or stolen, and use an external market surveillance mechanism.

“We congratulate the SFC on announcing its digital asset licensing regime and are proud to be the first applicant,” said Wayne Trench, chief executive of OSL, which provides digital asset brokerage, exchange and custody services for institutions and professional investors. (Reporting by Alun John; Editing by Alexander Smith)

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