OKX eyes expansion into Australia, Hong Kong markets

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OKX digital asset exchange has announced plans to expand into Australia and Hong Kong just a week after announcing its exit from the Canadian market.

In its announcement, the exchange revealed it had set up a Hong Kong entity for launching digital asset services in the city-state. It has also applied for a license under a new AML ordinance set to take effect on June 1, 2023.

“At OKX, we see immense potential in Hong Kong, and are committed to investing in talents and working with regulators over the next five years to continue building the local ecosystem,” OKX managing director Lennix Lai commented.

The exchange has been working on setting up operations in Hong Kong for over a year, it added. It views the city as an important destination for digital asset investors and hopes to capitalize on the maturing regulations.

Hong Kong has been working toward becoming a global digital asset hub, with new regulations seeking to boost investor protection and attract global industry giants. The city’s Secretary for Financial Services, Christopher Hui, revealed recently that over 80 Web3 firms have expressed interest in setting up in the city, with over two dozen already taking preliminary steps to obtain licenses.

Elsewhere, OKX is expanding into Australia and opening a new local office in the coming months.

Celebrations in Melbourne are in full swing as #OKX announced opening our office in Australia! 🇦🇺

Big s/o to OKX partners @danielricciardo, @scottyjames31, @oscarpiastri, our team & frens for joining the fun 🏆 pic.twitter.com/m9rvVOmwYq

— OKX (@okx) March 29, 2023

“Our ambition is straightforward – to become the leading crypto platform in the world. We see Australia as an indispensable part of this strategy and a key growth market. With such a strong uptake of crypto in Australia already, we’re committed to the local market and aim to build a strong local office,” Haider Rafique, the exchange’s Chief Marketing Officer, stated.

The exchange has yet to obtain a license in Australia or register with AUSTRAC, the country’s financial intelligence agency.

Under the Anthony Albanese government, which came into office over a year ago, the country is pushing for cryptocurrency regulations but has yet to implement any new laws. Treasurer Jim Chalmers promised new laws this year, but as CoinGeek reported, the government says it needs to learn about digital assets first before regulating the sector.

While OKX expands into Hong Kong and Australia, it announced days ago that it was leaving the Canadian market, accusing tough new regulations for the exit.

Watch: The Future of Digital Asset Exchanges & Investment