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Hong Kong’s BC Technology Group looks forward to selling its crypto exchange platform OSL Digital Securities Limited, one of the only two platforms for sale, after the parent company’s shares slumped recently.
What Led To Such a Decision?
Following the Bloomberg News article, shares of BC Technology fell as much as 16.7% in early Tuesday trade in Hong Kong, the most significant drop since June 12.
The OSL platform includes prime brokerage, exchange, and custody services for the cryptocurrency markets, as well as a company that offers financial institutions infrastructure so they may provide trading in virtual assets.
More Information Regarding The Sale
OSL has received attention from potential purchasers, including industry professionals and financiers, and BC Technology has estimated its value at HK$1 billion (S$175.13 million). However, information about these potential buyers must be kept a secret to protect privacy.
The OSL platform includes prime brokerage, exchange, and custody services for the cryptocurrency markets, as well as a company that offers financial institutions infrastructure so they may provide trading in virtual assets.
Increasing Clasp Of Regulations In Hong Kong
The Hong Kong Police Force and the Securities and Futures Commission (SFC) of Hong Kong has created a special task force to stop illegal cryptocurrency exchange activities. The team aims to investigate crypto exchange sites deemed “suspicious thoroughly.”
The task force is made up of representatives from several Hong Kong agencies, including the SFC’s Enforcement Division and Intermediaries Division, the HKPF’s Commercial Crime Bureau, Cyber Security and Technology Crime Bureau, Financial Intelligence and Investigations Bureau, and the HKPF’s Financial Intelligence and Investigations Bureau.
The task force aims to enhance the overall security and integrity of the cryptocurrency market in Hong Kong. However, the stringent regulations have made it difficult for new crypto exchanges to establish themselves or for the existing exchanges to grow further.