The waves are coming!Ouyi: The total trading volume of 16 mainstream cryptocurrencies allowed to “spot trading” in Hong Kong has exceeded 1 trillion US dollars
FX168 Financial News (Hong Kong) News Ouyi (OKX) encryption exchange launched an upgraded version of the application on Thursday (May 25), providing Hong Kong users with safe and reliable virtual asset spot trading services, allowing users to trade 16 mainstream encryption Currency, and in line with Hong Kong’s regulations on virtual asset service providers (VASP). Since its establishment in 2017, the total transaction volume through Ouyi has exceeded US$1 trillion.
Ouyi announced the establishment of a Hong Kong company at the beginning of this year, so as to apply for the VASP license issued under the new Hong Kong regulatory system that will come into effect on June 1 this year. In order to meet the relevant regulatory requirements, Ouyi has actively improved its operation and monitoring level over the past year. At the same time, it has also worked closely with Hong Kong regulators to demonstrate Ouyi’s security, asset custody, and anti-money laundering (Anti-Money Laundering) ), and compliance capabilities can meet the strict regulatory standards of the VASP license.
It is also worth noting that Ouyi is one of the major cryptocurrency exchanges that publishes its cryptocurrency holdings on a monthly basis through its Proof-of-Reserves. The latest version of its reserve certificate provides zk-STARK technology, which is called Zero-Knowledge Scalable Transparent Argument of Knowledge in Chinese.
Through this technology, Ouyi allows users to independently verify the solvency of the exchange and confirm that user assets are backed by Ouyi reserves. The proof of reserves in April shows that Ouyi holds a total of $10.4 billion in bitcoin, ether and USDT stablecoins.
Lennix Lai, Global Commercial Officer of Ouyi, said: “We believe that every Hong Kong user has the right to use a reliable and easy-to-use application to explore the world of cryptocurrencies. Ouyi is committed to providing users with the most secure and simple cryptocurrency trading experience, At the same time, it also complies with the latest regulations of the Hong Kong SAR government on VASP.”
“We will continue to work with local regulators to facilitate license applications under the new VASP regime, while actively supporting government policy objectives and investing resources to help Hong Kong develop into a thriving virtual asset hub.”
Today, Hong Kong users can use the OKX app to trade and exchange 16 major encrypted assets, including Bitcoin and Ethereum. Tokens can be traded in Hong Kong dollars, peer-to-peer (P2P) transactions or through Apple Pay, Visa and Mastercard through third-party service providers.
Ouyi emphasized that in the next few months, under the guidance of the Hong Kong Securities Regulatory Commission (SFC), more functions will be launched to further provide a rich and diversified user experience.
Since its establishment in 2017, the total transaction volume through the Ouyi platform has exceeded US$1 trillion, and has reached institutional-level security and compliance standards.
In order to be allowed to be traded by retail investors, cryptocurrency tokens must meet strict regulations of Hong Kong’s Securities and Futures Commission. First, tokens must have at least 12 months of regulatory compliance. In the interim, the projects to which these tokens belong should not be subject to any criminal charges.
On the other hand, the tokens must be on at least two major independent investment firms’ investable indices, and tokens that do not meet these requirements will not be eligible for trading.
Currently eligible coins include: Bitcoin, Ethereum, Litecoin, Polkadot, Bitcoin Cash, Solana, Cardano, Avalanche, Polygon, and Chainlink. Interestingly, the SFC currently has no plans to allow stablecoins, citing the ongoing uncertainty surrounding them.
This new initiative marks an important step in the development of cryptocurrencies in Hong Kong. Through this selective approach, Hong Kong hopes to strengthen its position in the global cryptocurrency market while maintaining strict regulatory standards.
Tags: waves coming Ouyi Allowing spot trading Hong Kong total trading volume mainstream cryptocurrencies exceeded US1 trillion Author FX168-