OSL leaps on new Hong Kong rules with crypto exchange licence bid

OSL

07/11/2019 12:20

HONG KONG, Nov 7 (Reuters) - Hong Kong-based OSL, part of BC
Group  0863.HK , said on Thursday it had become the first
cryptocurrency firm to apply for a digital asset exchange
licence from the Securities & Futures Commission (SFC).
    Hong Kong hosts dozens of cryptocurrency exchanges,
including some of the world's largest, and the SFC on Wednesday
published new rules that would allow them to opt into
regulation.  urn:newsml:reuters.com:*:nL3N27M1OH 
    These stipulate that an exchange that wants to be licensed
must provide services to professional investors only, have an
insurance policy to protect clients in case assets are lost or
stolen, and use an external market surveillance mechanism.
    "We congratulate the SFC on announcing its digital asset
licensing regime and are proud to be the first applicant," said
Wayne Trench, chief executive of OSL, which provides digital
asset brokerage, exchange and custody services for institutions
and professional investors. 

 (Reporting by Alun John;
Editing by Alexander Smith)
 ((Alun.John@thomsonreuters.com; +852-28415827;))