OKX Lennix: Hong Kong VASP licenses cost more than Singapore

Lennix, Managing Director of OKX's Global Institutional Business Department, was invited by the financial legal media "International Financial Law Review (IFLR)" to accept an interview on topics related to the dispute between Hong Kong and Singapore Web3 centers. Lennix said that both Hong Kong and Singapore are exploring the regulation of the encryption industry. The two sides have their own characteristics in terms of VASP licenses, which represent two different licensing systems and cannot be directly compared. However, the Hong Kong Securities Regulatory Commission's supervision of encrypted trading platforms is very similar to that of traditional securities companies. The cost of obtaining a Hong Kong VASP license is higher than that of Singapore, requiring more preparation and higher compliance costs. Therefore, applying for a Hong Kong VASP license The number of platforms is less than that of Singapore. OKX has previously announced the establishment of a Hong Kong entity and is applying for a Hong Kong VASP license under the new regulatory regime and Type 1 and Type 7 licenses under the Securities and Futures Ordinance.