OKX, a leading cryptocurrency exchange, has announced a significant upgrade to its application, specifically tailored for users in Hong Kong. The update enables secure and reliable spot trading services for virtual assets, aligning with the region's new regulatory framework for Virtual Asset Service Providers (VASP). This move allows Hong Kong users to trade 16 major cryptocurrencies, including Bitcoin and Ethereum, using various payment methods such as Hong Kong dollars, peer-to-peer (P2P) transactions, and third-party services like Apple Pay, Visa, and Mastercard. Since its establishment in 2017, OKX has facilitated over $1 trillion in total trading volume, demonstrating its institutional-grade security and compliance standards.
Enhanced Security and Regulatory Compliance
To comply with Hong Kong's upcoming VASP licensing regime, effective from June 1, OKX has proactively established a local entity and enhanced its operational and monitoring capabilities over the past year. The exchange has collaborated closely with regulatory bodies to meet stringent requirements in areas such as security, asset custody, Anti-Money Laundering (AML), and overall compliance. This preparatory work underscores OKX's commitment to adhering to local regulations while providing a safe trading environment.
A standout feature of OKX's approach is its implementation of Proof-of-Reserves (PoR) using advanced zk-STARK technology (Zero-Knowledge Scalable Transparent Argument of Knowledge). This innovation allows users to independently verify the exchange's solvency and confirm that their assets are fully backed by reserves. As of April, OKX's PoR report indicated holdings worth $10.4 billion in Bitcoin, Ethereum, and USDT.
Supported Cryptocurrencies and Trading Options
Hong Kong users can now access spot trading for 16 major cryptocurrencies through the OKX app. The supported tokens include:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Polkadot (DOT)
- Bitcoin Cash (BCH)
- Solana (SOL)
- Cardano (ADA)
- Avalanche (AVAX)
- Polygon (MATIC)
- Chainlink (LINK)
Payments can be made via Hong Kong dollars, P2P transactions, or through third-party providers supporting Apple Pay, Visa, and Mastercard. OKX plans to introduce more features in the coming months, following guidelines from Hong Kong's Securities and Futures Commission (SFC), to enrich the user experience.
Regulatory Requirements for Token Eligibility
The SFC has established strict criteria for cryptocurrencies to be eligible for retail trading in Hong Kong. Tokens must demonstrate at least 12 months of regulatory compliance without any criminal charges against their projects during this period. Additionally, they must be listed on at least two major independent investable indices. Tokens failing to meet these requirements are disqualified from trading.
Notably, the SFC currently does not permit stablecoin trading due to ongoing regulatory uncertainties. This selective approach aims to balance innovation with investor protection, reinforcing Hong Kong's position as a developing virtual asset hub.
Commitment to Hong Kong's Virtual Asset Growth
Lennix Lai, OKX's Global Chief Commercial Officer, emphasized the exchange's dedication to supporting Hong Kong's regulatory goals and fostering a thriving virtual asset ecosystem. "We believe every Hong Kong user has the right to explore the world of cryptocurrency through reliable and easy-to-use applications," Lai stated. "OKX is committed to providing the safest and most straightforward trading experience while complying with the latest VASP regulations."
The exchange will continue working with local regulators to advance its VASP license application and contribute resources to help Hong Kong achieve its policy objectives. 👉 Explore secure trading options
Frequently Asked Questions
What cryptocurrencies can I trade on OKX in Hong Kong?
OKX supports spot trading for 16 major cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Polkadot. The full list is regularly updated to comply with SFC requirements.
How does OKX ensure the safety of user assets?
OKX uses Proof-of-Reserves with zk-STARK technology, allowing users to verify that their assets are fully backed. The exchange also adheres to strict AML and compliance standards aligned with Hong Kong's VASP framework.
Why are stablecoins not available for trading?
Hong Kong's SFC has temporarily excluded stablecoins due to regulatory uncertainties. OKX is monitoring the situation and will comply with any future guidelines.
What payment methods are accepted?
Users can trade with Hong Kong dollars, via P2P transactions, or through third-party services like Apple Pay, Visa, and Mastercard.
How does OKX comply with local regulations?
OKX established a Hong Kong entity and has worked closely with regulators to enhance security, asset custody, and AML measures. It is pursuing a VASP license under the new regime.
Will OKX add more features soon?
Yes, OKX plans to introduce additional functionalities in the coming months, following SFC guidelines, to provide a more diverse and user-friendly experience.