Gate.io Says It Looking To Expand In Hong Kong At Web3 Festival
- Gate.io has acknowledged that it is submitting numerous licensing applications to the SFC in Hong Kong.
- Gate Digital Limited (Gate HK), the crypto exchange’s Hong Kong business, will seek multiple licenses, including a VASP.
- Hong Kong is now embracing cryptocurrency enterprises once again, enabling crypto companies to grow.
Gate.io stated on Monday that it is asking for various licenses with Hong Kong’s Securities and Futures Commission (SFC).
Gate Digital Ltd (Gate HK), the crypto exchange’s Hong Kong business, will seek multiple permits, including a virtual asset service provider (VASP) license in Hong Kong, following the Group’s successful acquisition of the Trust and Corporate Service Provider (TCSP) license from the Hong Kong Company Registry, allowing the Group to provide virtual asset custody services.
In terms of trading volume, it is one of the leading cryptocurrency exchanges. For trading non-security tokens, Gate.io intends to seek a Virtual Asset Service Provider (VASP) License under the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Ordinance 2022.
Gate HK will also apply for Securities and Futures Ordinance licenses for Type 1 (Dealing in Securities) and Type 7 (Providing Automated Trading Services) regulated operations in order to trade security tokens.
The expected VASP Licenses will guarantee that Gate HK maintains the greatest levels of security and regulatory compliance, encouraging consumer trust and confidence.
Several cryptocurrency exchanges, like Huobi Global and OKX, are aggressively pursuing VASP licenses in Hong Kong as the government permits its major financial regulator to regulate cryptocurrency.
The Chinese special administrative region is exploring additional licensing and regulatory procedures to enable it to serve retail customers. This is one of the elements attracting crypto firms to come here.
As Coincu reported, Hong Kong’s Finance Secretary, Paul Chan, has said that he is putting measures in place to support the region’s Web3 growth. According to Paul, the globe is competing to determine who can give the greatest opportunity for Web3 innovation while minimizing dangers.
He claimed that Web3 festivals that symbolize Hong Kong’s vision and Web3’s development strategy had grabbed the interest of industry insiders and that events will take place this week. Examples include Web3 infrastructure, trading platforms, virtual assets, wallets and payment instruments, and security-verified networks.
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