A major Asian digital asset platform has been issued a license by Hong Kong’s Securities and Futures Commission.
OSL, a unit of Fidelity-backed BC group, announced that it can now offer regulated brokerage and automated trading services for digital assets after being vetted by the financial watchdog.
OSL Digital Securities’ digital asset trading platform will support major digital assets such as bitcoin and Ethereum, as well as some security token offerings.
The platform will provide insurance protection on digital assets, storing them in “client-segregated wallets.” The company will exercise know-your-customer (KYC) and anti-money laundering controls to mitigate the risk of market misconduct through market surveillance, according to the announcement.
OSL executive Matt Long OSL, said, “Licensed entities are the future of digital assets and capital markets in the digital age and professional investors, hedge funds and family offices are now rapidly increasing portfolio allocations to digital assets such as bitcoin.
“OSL now stands apart from the competition as an innovative first mover, as the world’s only listed, SFC-licensed, Big 4 audited and insured digital asset platform for institutions and professional investors to securely onboard into the digital asset economy.”
The Hong Kong firm has also applied to the Monetary Authority of Singapore for a digital asset license under the country’s Payment Services Act.