The Hong Kong Monetary Authority (HKMA), in collaboration with the Securities and Futures Commission (SFC), held its second roundtable meeting on June 19 to address banking access for Virtual Asset Service Providers (VASPs). Lennix Lai, Global Chief Business Officer of OKX, attended the event as an invited industry representative, underscoring the growing alignment between regulators and leading crypto platforms in shaping a compliant and sustainable digital asset ecosystem.
This roundtable marks another milestone in Hong Kong’s progressive approach to virtual asset regulation. Since the first meeting in April, both the HKMA and local financial institutions have dedicated specialized resources to streamline the bank account application process for VASPs. The goal is to enhance transparency, clarify requirements, and ensure that legitimate businesses can gain fair access to essential financial infrastructure.
Regulatory Clarity and Balanced Oversight
At the core of the discussion was the need for balanced regulatory oversight. While banks must conduct thorough customer due diligence as part of anti-money laundering (AML) protocols, the HKMA emphasized that such measures should not create undue barriers for lawful virtual asset firms.
👉 Discover how global crypto leaders are shaping the future of compliant digital finance.
The message was clear: compliance should be rigorous but not prohibitive. This balanced stance reflects Hong Kong’s ambition to become a trusted hub for Web3 innovation while maintaining high standards of financial integrity.
Regulators reiterated that VASPs operating under Hong Kong’s new licensing regime are expected to meet stringent requirements, including robust AML and Know-Your-Customer (KYC) frameworks. Firms must undergo comprehensive external assessments conducted by qualified third-party advisors before submitting applications to the SFC—ensuring they meet all regulatory benchmarks from day one.
Industry Readiness: OKX’s Commitment to Compliance
In response to the evolving regulatory landscape, OKX has spent over a year preparing for full compliance under Hong Kong’s VASP framework. This includes implementing bank-level security protocols, advanced risk management systems, and enterprise-grade compliance procedures.
Lennix Lai commented:
“Under Hong Kong’s new VASP licensing regime, any applicant must complete a full external audit by an approved third party, covering AML, KYC, and operational controls. Given this rigorous pre-assessment process, we believe VASPs that have already submitted their applications to the SFC should be eligible to begin the banking onboarding process immediately. We’ve demonstrated our commitment to high compliance standards—and today’s discussions send a strongly positive signal about Hong Kong’s open and forward-thinking regulatory environment.”
This proactive stance highlights how mature players like OKX are not only adapting to regulation but helping shape it through constructive dialogue with policymakers.
Building a Global Web3 Hub: The Role of Collaboration
Hong Kong has positioned itself as a leader in embracing Web3 and digital assets. By fostering collaboration among regulators, financial institutions, and industry innovators, the city aims to build a secure, transparent, and globally competitive digital economy.
OKX remains committed to working closely with the SFC, HKMA, and banking partners to support responsible innovation. The objective is clear: create a safer, more regulated market environment that protects investors while enabling technological advancement.
Such cooperation is essential for scaling institutional participation in crypto markets. With clearer banking pathways and stronger regulatory clarity, Hong Kong is well on its way to becoming a premier destination for blockchain-based financial services in Asia and beyond.
👉 Learn how top-tier platforms are meeting global compliance standards in digital asset trading.
Core Keywords Integration
Throughout this evolving regulatory journey, several key themes emerge—virtual asset regulation, VASP licensing, banking access for crypto firms, anti-money laundering (AML), Web3 development, SFC compliance, HKMA policy, and digital asset innovation. These keywords reflect both the technical depth and strategic importance of Hong Kong’s approach.
By naturally integrating these concepts into policy discussions and operational frameworks, stakeholders are ensuring that Hong Kong’s digital asset market grows sustainably and with global credibility.
Frequently Asked Questions (FAQ)
Q: What is a Virtual Asset Service Provider (VASP)?
A: A VASP is any entity offering services related to digital assets, such as crypto exchanges, custodians, or wallet providers. Under Hong Kong law, these firms must obtain a license from the SFC and comply with strict AML and consumer protection rules.
Q: Why is banking access important for VASPs?
A: Reliable banking relationships allow VASPs to manage fiat transactions securely, support user deposits and withdrawals, and operate transparently within traditional financial systems—key factors for long-term legitimacy and scalability.
Q: Has OKX applied for a license under Hong Kong’s VASP regime?
A: While specific application statuses are subject to regulatory confidentiality, OKX has publicly stated its readiness and full alignment with the SFC’s licensing requirements. The platform has been preparing for over a year to meet all compliance benchmarks.
Q: How does Hong Kong’s approach differ from other jurisdictions?
A: Unlike regions with restrictive or unclear crypto policies, Hong Kong has taken a proactive, balanced stance—encouraging innovation while enforcing strong investor protections. Its coordinated efforts between the HKMA and SFC set a benchmark for regulatory clarity.
Q: What does the second roundtable mean for the broader crypto industry?
A: It signals growing institutional acceptance of digital assets. The continued engagement between regulators and industry leaders suggests that compliant firms will increasingly gain access to mainstream financial services.
Q: Is Hong Kong becoming a global Web3 hub?
A: Yes—through supportive policies, regulatory sandboxes, talent incentives, and infrastructure investment, Hong Kong is rapidly emerging as a central node in the global Web3 ecosystem.
The Path Forward
As regulatory frameworks mature and industry practices evolve, the synergy between innovation and oversight becomes more critical than ever. The second HKMA-SFC roundtable represents more than just a policy discussion—it’s a testament to Hong Kong’s vision of building a future-ready financial system.
With major players like OKX actively contributing to this dialogue, the path toward secure, inclusive, and compliant digital finance is becoming clearer. The combination of strong governance, technological advancement, and public-private collaboration positions Hong Kong not just as a regional leader—but as a global model for responsible Web3 growth.
👉 Explore how compliant crypto platforms are driving the next era of digital finance.