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OSL CFO: Regulators have accelerated product approvals since the JPEX incident

OSL Compliance Exchange, a licensed virtual asset trading platform in Hong Kong, has shown interest in the potential benefits of integrating tokenized platforms with banks as a financial technology solution provider. OSL CFO Hu Zhenbang stated that regulatory authorities have accelerated product approval speed since the JPEX incident. Hu emphasized that non-compliant platforms will face stricter regulation to prevent them from using excessive advertising like in the past at Hong Kong MTR stations.

Chen Yaowen, Chief Digital Officer and Chief Innovation Officer of Financial Technology Innovation of Four Directions Hong Kong, a financial technology solution provider, emphasized their focus on tokenization in the virtual asset field. By combining tokenization with banking systems, their goal is to accelerate the adoption of relevant technologies by banks. Chen stated that if banks enter the virtual asset field, the Securities and Futures Commission will actively participate in the approval process to ensure compliance and ultimately benefit the public's participation in virtual asset trading through regulated platforms. The participation of banks, along with seamless withdrawals, will contribute to the development of Hong Kong's virtual asset market.

Chen Yaowen also claimed that the potential for the development of tokenized virtual assets and custodial wallets by banks is enormous.

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