Hong Kong OSL Asset Management secures license to offer AI, Web3, and blockchain investments

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Hong Kong-based OSL Asset Management Limited (OSLASM) has announced the receipt of a license from the chief securities regulator authorizing it to dabble in blockchain technology and artificial intelligence (AI).

The firm confirmed that it will be plowing its resources into creating a new fund in the coming months to invest in novel technologies. Exact details concerning the fund were not disclosed in the press release, but Deputy Chairman Ken Lo stated that blockchain, AI, and Web3 would take center stage.

“We are thrilled to have received the Type-9 asset management license, which reflects our commitment to compliance and excellence in the digital asset space. This achievement empowers us to explore new frontiers in blockchain and AI, creating value for our clients and shaping the future of the industry,” said Lo.

Hong Kong’s Securities and Futures Commission (SFC) granted OSLASM the license in early May, giving the green light to the firm to carry out Types 1, 4, and 9 regulated activities in the region. The new license sees the firm continue its innovative streak, being one of the first firms to attain an SFC license to operate a digital currency exchange in Hong Kong.

According to SFC’s website, Type 1 and Type 4 regulated activities pertain to dealing and advising on securities, while Type 9 focuses on asset management. A bird’s eye view of OSLASM’s new licenses suggests the firm intends to onboard institutional investors into its client base.

“Our goal is to be at the forefront of the blockchain and AI revolution, pioneering new solutions that redefine the investment landscape. We believe that by harnessing the power of these technologies, we can unlock unprecedented opportunities for growth, collaboration, and value creation,” Lo remarked.

Hong Kong’s government has been pushing for a clearer regulatory framework for digital asset service providers, and so far, its attempts have yielded positive results, with several firms looking to set up new operations in the country.

Hong Kong welcomes firms with open arms

Hong Kong has confirmed that over 80 firms have inquired into the possibility of setting up shop in the region, pledging to offer such fintech firms tax reliefs and other perks. Regulators hope to sweeten the deal by launching a new regulatory regime to offer clarity to service providers.

Hong Kong’s financial institutions have been urged to offer banking services to the incoming firms on the grounds that there is no ban precluding them from doing so. The Hong Kong Monetary Authority ordered banks via a circular to train staff on digital assets in order to support Web3 firms with all their “legitimate need for bank accounts.”

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