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OKX plans to expand its crypto operations in Australia and Hong Kong

In this post:

  • OKX said that going forward, Australia would be a crucial market for the company’s expansion citing the “thirst for crypto” in the country.
  • OKX is currently submitting an application for a Virtual Asset Service Provider (VASP) license in Hong Kong as well.

OKX, a Seychelles-based cryptocurrency exchange has recently announced that it plans to offer more of its services in Australia, which it sees as being well-positioned to lead the next wave of cryptocurrency adoption.

In a statement on March 29, the trading platform said that going forward, Australia would be a crucial market for the company’s expansion. According to the company, it serves more than 100 nations. It received a temporary license in Dubai in July 2022.

“We view Australia as a crucial component of this plan and a significant growth market. We’re committed to the local market and seek to establish a powerful local office because there has already been such a significant uptake of cryptocurrencies in Australia.”

According to Haider Rafique, the chief marketing officer of OKX, the decision to grow “Down Under” was motivated by the “great thirst” of Australians for more cryptocurrency trading and investing products.

Australian investors’ interests in crypto

The chief marketing officer noted that he has discovered over the past 5–6 years that Australian retail investors have a strong interest in learning more about cryptocurrency as an investment vehicle and as a trading platform. Adding that people from Australia were wanting to learn more about OKX services when he first arrived at OKX and noticed it in terms of web traffic.

Rafique thinks that Australians are ahead of the curve in terms of their knowledge of cryptocurrencies, which will hopefully enable OKX’s entry into the market to go more smoothly. Additionally, they are fairly knowledgeable about cryptocurrencies, the value of blockchain, and the potential that it offers for the future, which, in his opinion, makes it incredibly exciting for the Company to expand its services in this area.

According to a Swyftx poll conducted in September 2022, over 1 million Australians—or 4% of the population—are anticipated to start using cryptocurrencies for the first time in the next year.

OKX applies for a VASP license in Hong Kong

Rafique claimed that the Australian crypto adoption and startup scene had also impressed him. He also added that OKX is currently submitting an application for a Virtual Asset Service Provider (VASP) license in Hong Kong as well.

International cryptocurrency firms are deluging Hong Kong after the city expressed a goal to develop into an Asian financial hub. The new rules provide platforms offering crypto services complete permission to cater to retail clients. Similar to this, Hong Kong officials proposed a Virtual Assets Service Provider licensing (VASP) framework, slated to go into effect on June 1, 2023, to support the city’s ambition to become a major player in the sector.

In a press release on March 28, OKX stated that the platform had been prepared for over a year to meet the regulatory criteria before the exchange decided to shift to Hong Kong. With the statement, the platform also declared that it will support two future business events in the city:  the Hong Kong Web3 festival and the Woo Summit.

Speaking at the platform’s move to expand its presence in Hong Kong, General Counsel at OKX, Bing Zhao added that OKX has an ambitious vision when it comes to pursuing licenses in relevant and appropriate jurisdictions, and the Company is committed to working with the SFC throughout the application process.

“We take security, custody, AML, and compliance very seriously and are keen to demonstrate how we can meet and exceed the robust standards expected of virtual asset service providers under this regulatory regime.”

The proposal to expand into Australia and Hong Kong was disclosed at the same time that OKX recently stated it would stop serving Canadians in June.

Disclaimer: The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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