OKX Reports Massive Rise in the Number of Users after Hong Kong Made Cryptos Legal
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The demand for crypto assets in Hong Kong is definitely something that can no longer be ignored. While the authorities assumed that legalizing crypto would encourage the locals to start dealing with digital currencies, the response following crypto legalization has been quite overwhelming.
OKX sees a surge of users after launching services in Hong Kong
OKX, one of the most popular crypto exchanges available in Hong Kong, reported a massive surge in the number of new users in a month following the legalization of cryptocurrencies. According to the platform, over 10,000 new users have joined its service.
OKX also arrived in Hong Kong with a new version of its mobile app — one tailored specifically for users from China’s special administrative region.
OKX was a highly successful crypto exchange long before it blew up in Hong Kong. In the past 18 months, the platform invested in talent acquisitions and infrastructure development while waiting for Hong Kong to approve its license application.
As soon as it was allowed to launch its services in the country, it saw a massive influx of new users, which only confirmed the massive demand for crypto services in Hong Kong.
Hong Kong itself made considerable efforts to become a crypto-friendly region and openly admits its goals of becoming the new hub for crypto in Asia. As for OKX, it established its Hong Kong branch about four months ago, in March 2023. As soon as it arrived, OKX Hong Kong was preparing for the launch of its services while awaiting the VASP license.
🎉 Great news for Hong Kong users 🇭🇰
The enhanced #OKX app allows you to buy, sell and hold 16 major cryptocurrencies – with the city's highest standards for security, technology and risk controls.
Learn more👇 https://t.co/ZNvdk9Fir0
— OKX (@okx) May 24, 2023
Its enhanced OKX app now allows Hong Kong users to buy, sell, and hold around 16 different crypto assets that are allowed by local laws.
OKX is preparing new tools and services for Hong Kong traders
The platform’s Global Chief Commercial Officer, Lennix Lai, said: “We’re very encouraged to see such a positive response to OKX Hong Kong. Our sign-up metrics demonstrate strong local interest and immense market potential in a regulated environment.”
Lai added that traders displayed a high level of sophistication in Hong Kong. The local crypto users did not just jump on the opportunity to use any digital assets platform. They chose OKX for its quality of service and a variety of services and features. In the future, the platform intends to bring forth numerous new products and experiences.
The CCO stressed that everything is, and will be tailored specifically for Hong Kong users, in accordance with local regulations.
It is also worth noting that OKX is the first exchange to reveal a surge in new users in Hong Kong, but it is not the only platform to enter the local market and offer its services. The new opportunity attracted many others, so it is very likely that other platforms have experienced similar popularity.
