Hong Kong Dollar To Inr :Crypto Exchanges Protects 95% Insurance
50% of crypto exchanges in Hong Kong are required to have insurance.
For regulated cryptocurrency exchanges operating in the area, the Hong Kong Securities and Futures Commission (SFC) has set a minimum insurance requirement, requiring these exchanges to insure at least 50% of their customers’ assets.
OSL Exchange, a Hong Kong-licensed exchange, disclosed last week that it had gone above and beyond this requirement by obtaining a policy that protects 95% of its users’ assets, according to a report from Coin Telegraph.
This policy is part of a two-year partnership and is underwritten by Canopius, a syndicate of Lloyd’s of London.
Similar to this, on November 16th, HashKey Exchange, a different Hong Kong-licensed virtual asset trading platform, signed an insurance contract with OneInfinity. This rule,
, which presently covers user assets valued between $50 million and $400 million, may be expanded to include events related to load management, server outages, and data backup.
Joshua Hong
OSL and HashKey are the only exchanges with virtual asset trading licenses at the moment, having been the only ones since August of last year when Hong Kong decided to allow retail investors to trade cryptocurrencies.
Thirteen other organizations are submitting similar license applications, and they are all expected to go through thorough due diligence procedures. Traditional financial audits, which are more thorough than proof-of-reserves, are one of these checks.
Web3 firms are reportedly spending up to $25 million on their license applications, despite the fact that the fees are relatively low, only a few hundred dollars. These costs are mainly
For team building and product development, especially for established financial institutions that are entering the cryptocurrency market.
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