SFC is a regional regulator that aims to boost its virtual asset oversight in response to anti-money-laundering (AML) and know-your-customer (KYC) concerns. According to CoinDesk, preliminary approval pushes OSL, a subsidiary of Fidelity-backed BC Group, closer to becoming one of the first exchanges licensed to offer automated digital asset trading services under the virtual asset regime SFC unveiled in November 2019.
Full licensure is contingent on OSL satisfying undisclosed conditions, according to Reuters. But OSL is well positioned; it was the first exchange to apply for the license and appears to be the only one this far along.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now