Hong Kong Government Accelerates Cryptocurrency Product Approvals Following JPEX Rugpull: OSL Compliance Exchange
The JPEX incident has prompted the Hong Kong government to expedite the approval process for cryptocurrency products to promote compliance in the industry.
According to OSL Compliance Exchange, a licensed virtual asset platform, financial technology solution providers have shown interest in the potential benefits of integrating tokenized platforms with banks in the future.
This integration could leverage the public’s trust in banks, thereby facilitating the growth of the virtual asset industry.
In a comment to Chinese newspaper Ming Pao, BC Technology, a subsidiary of OSL and a licensed virtual asset platform company, acknowledged the government’s longstanding support for the licensed virtual asset industry.
Hu Zhenbang, chief financial officer of OSL, noted that regulatory authorities have expedited product approvals since the JPEX incident.
He emphasized that non-compliant platforms will face stricter monitoring, preventing them from employing excessive advertising at MTR stations as seen in the past.
Chen Yaowen, chief digital director and financial technology innovation director at Sifang Innovative Hong Kong, a financial technology solution provider, emphasized their focus on tokenization in the virtual asset field.
By integrating tokenization with the banking system, they aim to accelerate the adoption of relevant technologies by banks.
Chen said that if banks venture into the virtual asset sector and the China Securities Regulatory Commission actively participates in the review and approval process, ensuring compliant operations, it will ultimately facilitate public participation in virtual asset trading through regulated platforms.
The involvement of banks, coupled with seamless deposits and
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