OKX is expanding its operations to Hong Kong. Users can access P2P transactions or third-party providers like ApplePay, Visa, and Mastercard to purchase cryptocurrencies using HKD.

Users will be able to purchase, trade, and convert among many cryptocurrencies, including but not limited to bitcoin (BTC), ethereum (ETH), cardano (ADA), polygon (MATIC), and solana (SOL). With 16 primary virtual assets, the exchange hopes to accommodate consumer interests.

Hong Kong as the new crypto hub

OKX’s new Hong Kong offerings conform to the local regulations governing virtual asset service providers (VASPs). OKX has set up a local organization as part of its preparations for the following regulatory framework, which is scheduled to go into effect on June 1, 2023. The exchange has strengthened its operations, controls, and security measures to prepare for future regulatory obligations.

The government’s goals for Hong Kong include making the city a center for digital assets. OKX works with government agencies to achieve this goal, showing its advanced security features, custody solutions, anti-money laundering (AML) regulations, and general compliance prowess.

OKX Global’s Chief Commercial Officer, Lennix Lai, stresses the need to offer a safe and straightforward platform for crypto trading. He confirmed OKX’s commitment to working closely with authorities throughout the VASP licensing process.