Hong Kong OSL Asset Management secures license to offer AI, Web3 and blockchain investments

by Arthur · May 13, 2023

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Hong Kong-based OSL Asset Management Limited (OSLASM) has announced the receipt of a license from the main securities regulator authorizing it to engage in blockchain technology and artificial intelligence (AI).

The firm confirmed that it will use its resources to create a new fund in the coming months to invest in new technologies. Exact details of the fund were not disclosed in the press release, but deputy chairman Ken Lo stated that blockchain, AI and Web3 would be at the center.

“We are delighted to have received the Type-9 asset management license, which reflects our commitment to compliance and excellence in the digital asset space. This achievement allows us to explore new frontiers in blockchain and artificial intelligence, creating value for our clients and shape the future of the industry,” said Lo.

Hong Kong’s Securities and Futures Commission (SFC) granted OSLASM the license in early May, giving the green light to the firm to carry out Type 1, 4 and 9 regulated activities in the region. The new license sees the firm continue its innovative streak, being one of the first firms to obtain an SFC license to operate a digital currency exchange in Hong Kong.

According to the SFC’s website, Type 1 and Type 4 are regulated activities related to trading and advice on securities, while Type 9 focuses on asset management. A bird’s eye view of OSLASM’s new licenses suggests the firm intends to integrate institutional investors into its client base.

“Our goal is to be at the forefront of the blockchain and AI revolution, pioneering new solutions that redefine the investment landscape. We believe that by harnessing the power of these technologies, we can unlock unprecedented opportunities for growth, collaboration and value creation,” said Lo.

Hong Kong’s government has been pushing for a clearer regulatory framework for digital asset providers, and so far the efforts have yielded positive results, with more firms looking to set up new operations in the country.

Hong Kong welcomes businesses with open arms

Hong Kong has confirmed that more than 80 firms have inquired about the possibility of setting up shop in the region, promising to offer such fintech firms tax breaks and other benefits. Regulators hope to sweeten the deal by launching a new regulatory regime to provide clarity to service providers.

Hong Kong’s financial institutions have been encouraged to offer banking services to the incoming firms on the grounds that there is no prohibition preventing them from doing so. The Hong Kong Monetary Authority ordered the banks via a circular to train staff on digital assets to support Web3 firms with all their “legitimate bank account needs.”

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