Will OKX be the 3rd SFC-licenced virtual asset trading platform?

In recent days, the cryptocurrency exchange JPEX has been embroiled in a scandal involving alleged fraud.

The Hong Kong Securities and Futures Commission (HKSFC) believes the incident may involve fraudulent activities and has passed the case to the police for investigation.

This incident has also put Hong Kong's vision of becoming a virtual asset hub to the test.

The applications for virtual asset trading platforms in Hong Kong have also come under scrutiny.

So far, there are only four applicants on the list, and the list of licenced platforms published by the HKSFC only includes two.

Notably, the globally recognised exchange OKX is not currently on the list of applicants.

Therefore, it is difficult for people to say that OKX will become the third licencing exchange to come true.

List of virtual asset trading platform applicants. Resource: Securities and Futures Commission

List of licensed virtual asset trading platforms. Resource: Securities and Futures Commission

Is OKX's exchange business in Hong Kong under threat?

Director of Licencing and Head of Fintech Unit from SFC, Ms. Wong Lok Yan, emphasised:

"If these platforms applying for licences ultimately do not receive them, they will need to wind down their operations in an orderly manner."

This clearly expresses the stance of the HKSFC.

Aside from trading, OKX also offers various other products and services.

In Hong Kong, OKX heavily invests in talent acquisition and technological development. Their user base is predominantly global, not confined solely to Hong Kong.

If they were to discontinue their cryptocurrency retail trading service, it would only impact their operations in Hong Kong.

Will OKX’s licencing status in HK affect its collaboration with Stephen Chow?

In October of last year, Stephen Chow surprised and excited the public by opening an Instagram account, with his first post announcing his official entry into the Web3 industry. He has been actively recruiting talent and building a team.

Resource: Instagram of Stephen Chow

Then, in August of this year, he updated his Instagram with a research project with the OKX team on Web3 + AI, expressing his desire for an AI to represent him in meetings.

However, it is clear that this AI project is just the beginning.

With a deeper dive into Web3, there will undoubtedly be more film and television projects in the future.

I think this may involve integrating AI, NFTs, and even the Metaverse into his work.

Resource: Instagram of Stephen Chow

Therefore, considering Stephen Chow's team is relatively new in Web3, they will likely seek stable and trustworthy brands for collaboration.

Thus, will the progress of OKX's licencing application in Hong Kong play a role in this collaboration?

The reason Stephen Chow chose OKX

Within the entertainment industry, whether you are an investor or a project owner, everyone aims to collaborate with companies that have high visibility and substantial financial resources.

Stephen Chow is no exception.

When it comes to funding and visibility, there is no doubt that OKX is the perfect fit to assist Stephen Chow's team in entering the Web3 space.

Without a doubt, OKX has invested significantly in various activities and fields.

As a title sponsor and main stage sponsor at the globally renowned cryptocurrency summit "TOKEN2049," OKX has established itself as a leading figure.

Furthermore, OKX has engaged in cross-industry collaborations with world-class sports teams like Manchester City Football Club and Formula One racing team McLaren, making frequent appearances on the international stage, thereby leading the virtual asset and Web3 industries into the global spotlight. And now they are entering the entertainment industry as well.

It is safe to say that our concerns may have been unnecessary.

As a globally renowned exchange, they have a powerful team. The sluggish pace in Hong Kong does not seem to affect their status; after all, Chow is also an internationally acclaimed superstar, and both are heading towards global expansion, even in Web3.

Let us all eagerly anticipate the sparks that will fly between OKX and Stephen Chow in the realm of Web3!