Hong Kong To Issue First-Ever Crypto Exchange License
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Hong Kong’s Securities and Futures Commission is en route to issue the city’s first-ever license to a cryptocurrency firm.
OSL Digital Securities – a unit within Fidelity-backed BC Group – said that Hong Kong’s securities regulator has agreed in principle to issue a license, according to exchange filings.
According to BC Group chief executive Hugh Madden, the license will help increase ease of doing business by being able to engage other regulated entities. Final approval is subject to certain conditions, the filing added without providing details.
In addition to the cryptocurrency business where it generates the majority of its revenue, BC Group also provides business park and advertising services. In the first half of 2020, it posted a net loss of 90.8 million yuan ($13.1 million).
Questions & Answers
Q.Which firm is set to receive Hong Kong's first cryptocurrency exchange license?
Which firm is set to receive Hong Kong's first cryptocurrency exchange license?
OSL Digital Securities, a unit of Fidelity-backed BC Group, has received an agreement in principle from Hong Kong's securities regulator for the license.
Q.What is the primary business of BC Group, the parent company of OSL Digital Securities?
What is the primary business of BC Group, the parent company of OSL Digital Securities?
BC Group's primary business is cryptocurrency, which generates the majority of its revenue, but it also provides business park and advertising services.
Q.What was BC Group's financial performance in the first half of 2020?
What was BC Group's financial performance in the first half of 2020?
BC Group reported a net loss of 90.8 million yuan ($13.1 million) in the first half of 2020.
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