-OSL receives approval-in-principle for Types 1 and 7 license applications 
-Licenses will allow STOs and automated digital asset trading   
-Company on track to become world's only listed, licensed, insured and audited
 digital asset platform 

OSL, Asia's leading digital asset platform and member of BC Technology  Group 
(stock code: 863 HK), today received an approval-in-principle for its 
application to operate a virtual asset trading platform under a license for 
Type 1 (dealing in securities) and Type 7 (automated trading service (ATS)) 
regulated activities under the Securities and Futures Commission ("SFC") 
virtual asset licensing framework in Hong Kong.

Logo - https://photos.prnasia.com/prnh/20200302/2735144-1LOGO 

Once the conditions for final approval are satisfied, the license will permit 
OSL to operate a brokerage and automated trading service for digital assets, 
including security tokens ("STOs"). The company is on track to become the 
world's only publicly listed, licensed, insured and Big-4 audited digital asset 
platform.

This follows the November 2019 announcement by the SFC of its ground-breaking 
regulatory framework for digital asset trading platforms that included 
requirements on hot and cold digital wallet insurance, client asset 
segregation, know-your-customer, anti-money laundering, maintenance of orderly 
markets and other digital asset-specific controls.

"Securing approval-in-principle for a virtual asset trading platform license in 
Hong Kong, inclusive of security tokens, underscores our commitment to 
comprehensively addressing the demands of institutional investors," said BC 
Group CEO Hugh Madden. 

"Until now, traditional finance has been observing this asset class with 
interest, but lack of regulatory clarity has so far discouraged participation," 
said Madden. "Licensing is a game-changer, because it provides certainty and 
confidence to investors, unlocking massive participation as it drives the 
increasing use of our platform by the global institutional investor community."

The SFC framework continues to be the only licensing framework within the top 
international financial centers that fully integrates the specific requirements 
for digital asset platforms alongside traditional rigorous securities 
regulations. Because of this unique integrated framework, clients of a Hong 
Kong licensed digital asset trading platform can enjoy all the protections and 
safeguards they have become accustomed to in traditional finance, and can also 
take comfort in additional protections under the new regime that have been 
tailor-made for the new asset class. 

OSL CEO Wayne Trench added: "The SFC displayed impressive foresight in 2017 
when it embarked on developing an ecosystem for professional and institutional 
traders to invest in digital assets. Recent global regulatory developments, 
emerging sovereign digital currency trials and increasingly cashless societies, 
exemplify that digital assets are today's reality and not some distant dream. 
Both Hong Kong and OSL are well-positioned as institutional participation 
continues to accelerate in the coming months and years."

The OSL digital asset platform business experienced exceptional growth and 
performance in 2019, and in the first half of 2020. In its interim results 
announcement on 12 August 2020, BC Group stated it had experienced a 
year-on-year revenue increase of 47%, driven mainly by record annualized 
trading volumes of USD28 billion achieved during the first six months of the 
year.

About the OSL Platform and BC Technology Group

Backed by BC Technology Group (stock code: 863 HK), Asia's only listed, 
licensed and 'Big-four'-audited digital asset and fintech company, OSL is 
Asia's largest digital asset platform, providing prime brokerage, custody, 
exchange and SaaS services for institutional clients and professional investors.

The company offers OTC, iRFQ and electronic trading services giving traders 
access to the world's deepest liquidity pools, digital asset borrowing and 
lending, as well as secure, insured wallets to ensure the safekeeping of 
digital assets with timely transaction settlement. OSL is the trusted gateway 
to the digital asset economy. 

For more information: bc.group  and osl.com.

SOURCE: BC Technology (Hong Kong) Limited