Gate Group,
the owner of the Gate.io crypto exchange trading brand, has confirmed to apply
for regulatory approval with the Securities and Futures Commission (SFC) in
Hong Kong. It is thus another cryptocurrency platform that wants to join the
local market before the new digital assets’ regulations take effect in June.
According
to the recent press release, Gate Group has already applied for an SFC license
and is planning to pursue the Virtual Asset Service Provider (VASP) License under
the anti-money laundering laws to trade non-security tokens. Additionally, the
crypto exchange wants to apply for Licenses under the Securities and Futures
Ordinance for Type 1 (Securities Dealing) and Type 7 (Automated Trading
Services Provision) regulated activities to facilitate security token trading.
In February, the exchange obtained a Trust and Corporate Service Provider (TCSP) license
from the Company Registry in Hong Kong, allowing the Group to offer virtual
assets custody services. Additionally, it announced intentions to launch a
local Gate HK branch that will comply with the special administrative region’s
licensing requirements. The information and an update on applying for SFC
authorization were confirmed this week.
“The
anticipated VASP Licences will ensure Gate HK maintains the highest standards
of security and regulatory compliance, fostering trust and confidence among its
customers. Gate Group is eager to…
