Hong Kong-based OSL Asset Management Limited has received a license from the local Securities and Futures Commission (SFC) to offer investment products in blockchain, artificial intelligence, and Web3 technologies.
The license enables the company to conduct Types 1, 4, and 9 regulated activities, including dealing in securities, advising on securities, and asset management. OSL Asset Management plans to focus on private equity investing in these technologies and will launch its first fund in a few months.
The move by OSL Asset Management comes as Hong Kong is developing new rules for crypto exchanges and service providers, including a licensing regime set to go live in June.
The city is looking to reclaim its position as a blockchain and crypto hub in Asia, and more than 80 foreign and Chinese companies have expressed interest in establishing crypto operations in the city, according to Christopher Hui, Hong Kong’s Secretary for Financial Services and the Treasury.
Meanwhile, OSL exchange, a unit of Hong Kong-listed BC Technology Group Co., has become the first crypto trading platform to be licensed by the SFC to provide market services to institutional and professional investors in Hong Kong. The license allows OSL exchange to offer custody, brokerage, and automated trading services for digital assets.
The licenses obtained by OSL Asset Management and OSL exchange highlight Hong Kong’s efforts to attract crypto and blockchain-related businesses. The licenses are seen as a positive development for the industry, as they provide institutional and professional investors with more options to access digital asset investments.
It is also a positive sign for the industry that regulators in Hong Kong are supportive of blockchain and crypto technologies, and are creating an environment that allows for their development and growth.
