OKX participates in the second virtual asset company account opening roundtable meeting hosted by the Hong Kong Monetary Authority
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OKX participates in the second virtual asset company account opening roundtable meeting hosted by the Hong Kong Monetary Authority
OKX hopes to work with the SFC, the Hong Kong Monetary Authority, and the banking sector to contribute to the compliant development of the Web3 industry.
Navigating Web3 tides with focused insightsOn June 19, Lennix Lai, Global Chief Commercial Officer of OKX, was invited to attend the second roundtable meeting jointly organized by the Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission of Hong Kong (SFC) to discuss bank account openings for Virtual Asset Service Providers (VASPs).
The second roundtable sends a positive signal from the Hong Kong government regarding regulation and development within the local virtual asset industry. Since the first roundtable held in April, Hong Kong has made solid progress in regulatory matters, as both the HKMA and financial institutions have dedicated resources to handling VASP bank account applications and helping VASPs better understand the requirements involved in the account opening process.
At this meeting, the HKMA provided further regulatory guidance, emphasizing that while it is important for banks to conduct customer due diligence as part of anti-money laundering (AML) internal controls, they should not impose excessive burdens on legitimate businesses seeking to open accounts.
In response, Lennix Lai, Global Chief Commercial Officer of OKX, said: "Under Hong Kong's new VASP licensing regime, all license applicants must first complete a comprehensive external assessment conducted by qualified third-party consultants, including thorough reviews of their AML, KYC, and procedures to ensure compliance with government requirements. Therefore, we believe VASPs that have already submitted license applications to the SFC should be eligible to immediately initiate the bank account opening process, as they have already demonstrated their commitment to high standards of compliance and internal control through completed assessments. We have been preparing for the anticipated regulatory requirements under the VASP framework for over a year, implementing bank-grade compliance and control processes and procedures. We are confident in our readiness, and it is even more encouraging that the regulators sent very positive signals during this meeting."
Since Hong Kong’s regulators expressed strong support for embracing Web3, industry builders have been working closely with regulators to help position Hong Kong as a global digital asset hub. As one of these contributors, OKX hopes to work together with the SFC, HKMA, and the banking sector to promote compliant development in the Web3 industry and create a safer, more regulated market environment for investors and users.
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