Seychelles-based cryptocurrency exchange OKX is in the final stages of obtaining a Virtual Asset Service Provider (VASP) license in Hong Kong.

The company expects final approval of the license by March 2024. Now OKX management is in dialogue with banks and is waiting for a license to start a business in this special region of China.

From June 1, Hong Kong introduced a new Virtual Asset Service Provider (VASP) licensing regime that allowed local users to trade cryptocurrencies. Although over 80 crypto firms initially expressed interest in opening an office in the country, only a few crypto platforms such as HashKey and OSL have received the necessary license to launch retail cryptocurrency trading services.

HashKey began offering cryptocurrency retail services to users in Hong Kong on August 28.

Earlier it became known that OKX is going to start work in India and is now recruiting staff, despite the uncertainty of the prospect of permission from local regulators. Now the service is used by about 200,000 people in India. This is about 5% of the total number of crypto users in the country.