The list of
cryptocurrency platforms that want to obtain new cryptocurrency trading licenses
in Hong Kong is getting longer. After Huobi decided to launch its local
exchange in the region, Gate Group’s owner of the Gate.io trading brand made a
similar announcement.
Gate.io
wants to apply for trading authorization in Hong Kong and to launch a new Gate
HK platform designed to meet local regulations and growing customer demand.
According
to Finance Magnates’ report on Monday, starting from 1 June 2023, any
centralized virtual asset trading platform that operates in Hong Kong or caters
to Hong Kong investors will be required to acquire a license from the SFC under
a newly introduced licensing framework.
In a
related development, Gate Group has announced its intention to apply for local
cryptocurrency authorization through its Hong Kong-based Hippo Financial
Services Limited (Hippo FS). The company had already successfully obtained a
Trust or Company Service Provider (TCSP) License. TCSP allows Hippo FS to
provide crypto assets custodial services to a global user base.
Dr. Han
Lin, the Founder of Gate Group, wrote in a Twitter post that he is excited
about expanding the exchange’s operations in Hong Kong.
Very excited about Hong Kong. Having obtained the TCSP License in HK, Gate Group is also preparing for a crypto license and fine tuning Gate HK, a new entity tailored to serve HK’s growing crypto…
