OSL, a major digital asset platform in Asia and a unit of Fidelity-backed BC Group, has been officially licensed by the Hong Kong Securities and Futures Commission.
According to an announcement made on December 15, the new license enables OSL Digital Securities to operate regulated brokerage and automated trading services for digital assets. The news comes shortly after the SFC agreed in principle to grant OSL a license in August 2020. According to the announcement, OSL has successfully passed the SFC’s stringent verification requirements.
At the start, the trading platform for digital assets from OSL Digital Securities will support important digital assets such as Bitcoin (BTC) and Ether (ETH) as well as selected security token offers or STOs.
The platform offers insurance protection for digital assets such as Bitcoin and keeps the assets in customer-segregated wallets. OSL will maintain control of your client and anti-money laundering efforts to reduce the risk of market misconduct through market surveillance, the announcement said.
Matt Long, Head of Sales and Prime at OSL, emphasized that licensed companies are the future of digital assets and capital markets. The managing director also emphasized that OSL is the world’s first pacemaker in terms of secured regulatory approvals:
“OSL now stands out from the competition as an innovative first mover as it is the world’s only publicly traded, SFC-licensed, Big 4-vetted and insured digital asset platform that allows institutions and professional investors to safely enter the digital asset economy can.”
In addition to the Hong Kong licenses, OSL has filed with the Monetary Authority of Singapore for a digital asset license under the country’s Payment Services Act, the announcement said.
Earlier this year, Fidelity International, a subsidiary of US asset management giant Fidelity Investments, made a direct investment in BC Group, a Big 4-audited company and operator of OSL. Fidelity purchased 17 million shares for a 5.6% stake and reportedly invested more than $ 14 million in the company.