OKX (OKX), a leading global cryptocurrency exchange, has launched an upgraded application tailored for Hong Kong users, offering secure spot trading services for 16 major cryptocurrencies. This expansion aligns with Hong Kong's new regulatory framework for Virtual Asset Service Providers (VASPs). Since its establishment in 2017, OKX has facilitated over $1 trillion in total trading volume.
OKX's Commitment to Hong Kong's Regulatory Standards
In early 2023, OKX established a Hong Kong entity to apply for a VASP license under the city's updated regulatory regime effective June 1, 2023. To meet these requirements, OKX has:
- Enhanced operational and monitoring protocols over the past year
- Collaborated closely with Hong Kong regulators
- Demonstrated compliance in security, asset custody, AML (Anti-Money Laundering), and overall regulatory standards
👉 Discover how OKX prioritizes security and transparency
Proof-of-Reserves: A Benchmark for Transparency
OKX stands among the few major exchanges that regularly publish Proof-of-Reserves (PoR) reports. Their latest PoR implementation features zk-STARK technology (Zero-Knowledge Scalable Transparent Argument of Knowledge), enabling users to:
- Independently verify the exchange's solvency
- Confirm that user assets are fully backed by OKX reserves
April 2023 PoR Report Highlights:
- $10.4 billion in total reserves
- Holdings include Bitcoin (BTC), Ethereum (ETH), and USDT
Available Cryptocurrencies and Payment Methods
Hong Kong users can now trade 16 major cryptocurrencies via the OKX app, including:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Polkadot (DOT)
- Solana (SOL)
Supported Payment Options:
- HKD transfers
- P2P trading
- Third-party services (Apple Pay, Visa, Mastercard)
Upcoming Features
OKX plans to introduce additional functionalities in compliance with Hong Kong Securities and Futures Commission (SFC) guidelines, aiming to deliver a more diversified user experience.
Hong Kong's Selective Approach to Crypto Regulation
To qualify for retail trading, cryptocurrency tokens must meet stringent SFC requirements:
- 12+ months of regulatory compliance history
- No criminal charges against the issuing project
- Inclusion in at least two major independent investible indices
Currently Approved Tokens
BTC, ETH, LTC, DOT, BCH, SOL, ADA, AVAX, MATIC, LINK
Note: The SFC has excluded stablecoins due to ongoing regulatory uncertainties.
👉 Explore OKX's compliant trading ecosystem
FAQs: OKX's Hong Kong Expansion
1. What makes OKX different from other exchanges in Hong Kong?
OKX combines institutional-grade security with a user-friendly interface, all while adhering to Hong Kong's strict VASP regulations. Its monthly Proof-of-Reserves reports set a transparency benchmark.
2. How can I deposit funds into my OKX account in Hong Kong?
Users can fund accounts via HKD bank transfers, P2P trading, or third-party services like Apple Pay and credit/debit cards (Visa/Mastercard).
3. Why are stablecoins currently excluded from trading?
Hong Kong's SFC cites regulatory uncertainties surrounding stablecoins as the primary reason for their exclusion. This stance may evolve as global standards develop.
4. What security measures does OKX implement?
OKX uses multi-signature wallets, cold storage, and real-time monitoring systems to safeguard assets. Its zk-STARK-enhanced PoR ensures verifiable solvency.
5. How does OKX plan to support Hong Kong's crypto ecosystem?
Beyond pursuing its VASP license, OKX is investing in local education initiatives and infrastructure to position Hong Kong as a leading virtual asset hub.