Hong Kong-Based OSL Digital Securities Receives License Uplift to Enable Retail Trading of Bitcoin and Ethereum
Jessie A Ellis Aug 03, 2023 12:00
OSL Digital Securities Limited ("OSL Digital Securities"), a wholly-owned subsidiary of BC Technology Group Limited (Stock Code: 863), has been granted an uplift to its existing license by the Securities and Futures Commission (SFC) of Hong Kong.
OSL Digital Securities Limited ("OSL Digital Securities"), a wholly-owned subsidiary of BC Technology Group Limited (Stock Code: 863), has been granted an uplift to its existing license by the Securities and Futures Commission (SFC) of Hong Kong. This immediate change allows retail investors to register on its platform and trade popular cryptocurrencies Bitcoin and Ethereum.
The license uplift aligns with Hong Kong's new regulatory rules, marking a substantial milestone not only for OSL Digital Securities and its parent company, BC Technology Group, but also for Hong Kong's position as a forward-thinking hub for digital asset regulation.
This development is seen as a testament to the Group's commitment to compliance, regulation, and excellence in the digital asset space. The Board of BC Technology Group views this as a significant first-mover advantage, reflecting the Group's strategy of prioritizing regulation and compliance. It further emphasizes how regulation is the foundation of future growth and mainstream acceptance in the digital asset space.
As part of its commitment to investor protection, the Group will continue to implement stringent investor protection measures and maintain a high cold to hot storage ratio to ensure the security of client assets. This move positions OSL Digital Securities to lead the transformation of the digital asset market, setting the stage for a more robust and secure digital asset environment.
The license uplift is seen as a significant step in Hong Kong's ambition to become a leading global hub for digital assets, allowing retail users to participate in one of the fastest-growing asset classes. It underscores Hong Kong's progressive approach to digital asset regulation.
BC Technology Group Limited, incorporated in the Cayman Islands with limited liability, operates through its subsidiaries, including OSL Digital Securities. The company's latest announcement was made on a voluntary basis to inform shareholders and potential investors of the latest information about the Group.
On the same day, August 3, 2023, HashKey Exchange asserted that it is the first licensed virtual asset exchange for retail users in Hong Kong. The upgrade of its Type 1 and Type 7 licenses allows the platform to expand services to retail users. Security measures include 98% of funds in cold storage, and the platform has launched a compliant OTC trading service.
HashKey Exchange has also partnered with Standard Chartered Bank and onboarded senior professionals to enhance services.
Image source: Shutterstock