Hong Kong issues first crypto exchange license

[mlawson71]

Cryptocurrency trading may be banned in mainland China, but the Hong Kong financial regulator Securities and Futures Commission (SFC) just issued its first cryptocurrency exchange license to OSL Digital Securities, a unit of Fidelity- backed BC group.
The company applies for a license back in November 2019 due to the new rules requiring exchanges to legalize their businesses that were adopted in Hong Kong last year.
OSL Digital is not the only company who applies for such license, but it is, indeed, the first to receive it.
The CEO of BC Group issued a statement, saying that one of the benefits of being licensed is that regulated institutions will be able to reduce their risk by being able to engage with other regulated entities – the crypto exchanges.
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This is good news, but I question how long it will last, considering China’s determination to unify Hong Kong’s legislation with its own.