OKX announced the establishment of a Hong Kong entity to launch virtual asset services in Hong Kong, and intends to apply for a virtual asset service provider license in accordance with the "Anti-Money Laundering and Anti-Terrorist Financing (Amendment) Regulations 2022" (which will come into effect on June 1, 2023), and applications for Type 1 and Type 7 licenses under the Securities and Futures Ordinance. The announcement comes more than a year after OKX prepared to meet anticipated regulatory requirements in terms of organization, product, security and compliance. Foresight News previously reported that Xu Mingxing said that OKX has started to apply for a Hong Kong encryption license from 2022.