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OSL alternate’s guardian agency has denied experiences that its on sale with an estimated valuation of 1 billion Hong Kong {dollars} ($128 million).
BC Expertise, the guardian agency of Hong Kong-based licensed crypto platform OSL, denied experiences that the alternate is up on the market.
BC Expertise, the guardian firm of OSL, has refuted Bloomberg’s report on the pending sale as “factually inaccurate and extremely deceptive” in a press release filed with the Hong Kong Inventory Alternate. As per the Bloomberg report, the alternate was on sale with an estimated valuation of 1 billion Hong Kong {dollars} ($128 million).
Out of all of the gamers, OSL and HashKey are the one two which have obtained cryptocurrency licenses in Hong Kong, as permitted by the brand new rules enacted in June. These licenses allow them to cater to retail clients, and it’s noteworthy that the appliance course of incurred prices starting from $12 million to $20 million.
In a dialog with the South China Morning Submit, a consultant from BC Expertise commented:
“We now have noticed a rising demand for OSL’s companies, notably in mild of the regulatory crackdown on unlicensed and illicit entities in Hong Kong over the previous few weeks”.
Hong Kong’s Push into Crypto
Roughly a 12 months in the past, Hong Kong declared its ambition to grow to be a distinguished digital asset heart, sparking excessive expectations for the native cryptocurrency market. This endeavor has drawn the curiosity of quite a few exchanges that want to accumulate licenses following the implementation of recent rules in June.
Just lately, the challenges related to revitalizing the cryptocurrency business within the metropolis have grow to be extra obvious.
OSL earned the excellence of being Hong Kong’s inaugural cryptocurrency alternate to safe a license from the Securities and Futures Fee (SFC) again in 2020, albeit below a previous voluntary program, which restricted it to serving skilled traders solely. The current licensing mandate supersedes the previous framework, enabling exchanges to supply cryptocurrencies with substantial market capitalization, like Bitcoin and Ethereum, to retail traders.
This 12 months, each OSL and HashKey noticed their licenses upgraded to accommodate retail traders in accordance with the revised coverage. To foster market stability and bolster investor belief, Hong Kong regulators launched the brand new digital asset buying and selling platform (VATP) license. Thus far, simply 5 native exchanges have pursued this licensing choice.
The SFC revealed a listing of ongoing candidates following a current monetary scandal associated to the JPEX cryptocurrency alternate, which forged a shadow on the town’s ambitions to develop its native crypto business. The alternate confronted allegations of fraud and was related to over 2,500 complaints, involving roughly HK$1.5 billion in losses.
Bhushan is a FinTech fanatic and holds aptitude in understanding monetary markets. His curiosity in economics and finance draw his consideration in direction of the brand new rising Blockchain Expertise and Cryptocurrency markets. He’s repeatedly in a studying course of and retains himself motivated by sharing his acquired information. In free time he reads thriller fictions novels and typically discover his culinary abilities.
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