The SFC Approved Signum Digital To Launch The First Security Token Offering In Hong Kong

Key Points:

• The Hong Kong Securities and Futures Commission has approved in principle Signum Digital’s Securities Token Offering and Subscription Platform.
• Signum Digital intends to provide a platform for security tokens that are exchanged on the blockchain and connected to diverse asset classes such as private equity, real estate, art, and collectibles to professional investors.

Signum Digital is the first firm in Hong Kong to receive preliminary clearance to operate a platform for trading security tokens.

Signum Digital, a joint venture between digital asset consulting firm Coinstreet Holdings and Hong Kong financial group Somerley Capital Holdings (Somerley Capital Holdings), announced on March 17 that its security token offering and subscription platform had obtained Hong Kong securities and had been approved in principle by the Futures Commission.

Signum Digital intends to provide a platform for security tokens that are exchanged on the blockchain and connected to diverse asset classes such as private equity, real estate, art, and collectibles to professional investors. Subject to final permission from the Hong Kong Securities and Futures Commission, Signum will operate the platform under the “CS-Pro” name. The platform, according to Signum, will be the first of its type in Hong Kong.

The SFC announced draft guidelines for virtual asset trading platforms last month, including the necessity for crypto exchanges to seek for licenses that would allow retail investors to trade certain large-capitalization tokens beginning in June.

Currently, the region restricts virtual asset trading to professional investors possessing more least HK$8 million (about US$1 million) in proven assets. Significant cryptocurrency exchange Huobi Global also stated last month that it is asking for a Hong Kong operating license and may relocate its headquarters from Singapore to the special administrative region.

Signum Digital Ltd is a joint venture business formed by Coinstreet and Somerley to provide brokerage and distribution services to professional investors via STOs using a platform known as “CS-Pro.” Please visit https://signumdigital.hk/ for additional details.

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