TechFlow news — Recently, Lennix Lai, Managing Director of Global Institutional Business at OKX, was invited by the internationally renowned financial legal media International Financial Law Review (IFLR) to discuss the competition between Hong Kong and Singapore as Web3 hubs.
Lennix noted that both Hong Kong and Singapore are exploring regulatory frameworks for the crypto industry, with distinct approaches to VASP licensing that represent two different licensing regimes and cannot be directly compared. However, he pointed out that Hong Kong's Securities and Futures Commission (SFC) regulates crypto trading platforms in a manner very similar to how it oversees traditional securities firms. Obtaining a Hong Kong VASP license entails higher costs, more preparation, and greater compliance requirements than in Singapore, resulting in fewer platforms applying for a Hong Kong VASP license.
It is reported that 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, as well as Type 1 and Type 7 licenses under the Securities and Futures Ordinance.
