HONG KONG, March 1, 2023 /PRNewswire/ -- OKG Technology Holdings Limited ("OKG TECH" or the "Company," 1499. HK) is pleased to announce today that its subsidiary, OKLink Fintech Limited ("OKLink"), has established a strategic partnership agreement with OKCoinJapan, a Japan's licensed digital assets exchange, whereby the Company will provide Know-Your-Transaction (KYT) service for OKCoinJapan to help its platform to improve the overall compliance standard and create a safer trading environment. The partnership marks OKG TECH enters Japan's compliance market for the first time and means an essential step in the Company's international layout. The partnership also strengthens the Company's commitment to assist in the international regulation of anti-money laundering (AML) practices and create a secure virtual asset trading environment.
Japan is an important global market for cryptocurrency trading. Japan Financial Services Agency("FSA"), the local regulator, formulates strict requirements for digital assets assets market participants: high license application threshold, long application period and applicants can only conduct business if they are officially licensed. From 1 April 2023, all digital assets exchanges in Japan will begin to implement Financial Action Task Force (FATF) 's Travel Rule to combat money laundering activities. OKCoinJapan is the first digital asset exchange among the world's leading exchanges to be recognized by Japan FSA through its own application. As regulated by Japan FSA, all partners of OKCoinJapan need to be filed and recognized by the regulator. This time, the partnership agreement reflects the high recognition of OKLink's services from the Japanese regulatory authorities.
OKLink, as the world's leading on-chain security service provider, has blockchain explorer, Chaintelligence, OKLink Audit and other products. The amount of on-chain data collected has exceeded 200TB, supporting full-node data analysis of more than 20 public chains, with on-chain transaction data up to 16.7 billion, multi-dimensional address data over 2 billion, and address label data up to 2 billion.
John Feng, the representative director of OKCoinJapan said, "We are pleased to establish a strategic partnership with OKLink. Through this partnership, the two companies hope to enhance the security of the entire digital asset ecosystem while achieving anti-money laundering goals."
Jeff Ren, the Chairman and CEO of OKG TECH, said, "We are delighted that OKG TECH has taken the first step into Japan's compliance market, laying a solid foundation to assist international regulatory authorities in anti-money laundering. This is a small step for our business but a big step in the fight against global cyber financial crimes. We will continue to deepen our business layout and expand our services to more places."
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