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One of Hong Kong’s Only Licensed Crypto Exchanges Could Be Up for Sale

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One of Hong Kong’s Only Licensed Crypto Exchanges Could Be Up for Sale

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In short

  • BC Innovation Gathering is thinking about selling its authorized crypto stage, OSL, because of a market droop and the city’s severe computerized resource rules.
  • In spite of current difficulties, BC Innovation’s reasonable worth has dramatically increased to almost HK$1.7 billion since August, however it’s actually down more than 80% from June 2021.
  • In the midst of administrative difficulties and a questionable future for crypto trades in Hong Kong, BC Innovation might sell portions of OSL as opposed to the whole business.

In the midst of a market droop and debilitated computerized resource exchanging volume, BC Innovation Gathering Ltd. is pondering the offer of its authorized crypto stage, OSL. This Hong Kong-based crypto trade is one of a handful of the elements working under the city’s tough computerized resource rules, presented in June.

As possible purchasers, industry players and assets have shown interest, with a proposed valuation floating around $HK1 billion ($128 million).



Licensed Hong Kong Crypto Exchange Courting Potential Buyers

OSL, an auxiliary of BC Innovation, offers a scope of administrations, including prime financier, trade, and care for crypto markets. It likewise gives foundation to monetary organizations to virtual-resource exchanging.

In spite of the ongoing difficulties, BC Innovation’s fairly estimated worth has dramatically increased to almost HK$1.7 billion since August this year. Notwithstanding, it’s actually down more than 80% from its record high in June 2021 during the crypto market top.

The potential deal comes at a difficult time for crypto trades in Hong Kong. Last year’s market defeat and following insolvencies have left crypto request powerless. The city’s severe advanced resource structure has additionally brought about higher functional expenses.

The standing of the area has been additionally discolored by the outrage including the unlicensed JPEX trade, which specialists charge swindled financial backers of HK$1.6 billion.







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Hong Kong SFC Cracks Down

In light of these issues, the Hong Kong Protections and Fates Commission (SFC) has cooperated with the Hong Kong Police Power to lay out a team. This gathering plans to battle unlawful exercises among crypto trades, including an exhaustive gamble evaluation for stages considered “dubious.”

The team involves individuals from different Hong Kong specialists, including the HKPF’s Business Wrongdoing Department, Network protection and Innovation Wrongdoing Agency, Monetary Insight and Examinations Department, as well as the SFC’s Authorization Division and Mediators Division.

The team’s development follows a significant level gathering between the two gatherings on September 28, 2023. In a proclamation, the SFC proclaimed,

“The working group was established to enhance collaboration in monitoring and investigating illegal activities related to Virtual Asset Trading Platforms (VATPs).”

As regulatory actions intensify, the future of crypto exchanges in Hong Kong, including OSL, remains uncertain. Amid these challenges, BC Technology may opt to sell parts of OSL rather than the whole business. However, the final decision is yet to be made.

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