OSL does not provide services to retail investors, with its clientele restricted to institutions, high net worth individuals (over US$1 million and above) and family offices.
The Securities and Futures Commission expects the shift in regulations to fix a loophole that its previous regulatory structure had presented.
Tencent has received a new license from the Hong Kong Securities and Futures Commission to create a virtual bank powered by blockchain technology.
The Hong Kong Securities and Futures Commission has issued the new rules, which will enable operators to become licensed by the regulator for the first time.
So far, there’s only one firm that could be publicly identified as having received approval, namely Diginex which manages a “fund of funds” product featuring crypto assets.