<p>The list of
cryptocurrency platforms that want to obtain new cryptocurrency trading licenses
in Hong Kong is getting longer. After <a href="https://www.financemagnates.com/cryptocurrency/huobi-to-launch-huobi-hong-kong-crypto-exchange-amid-regulatory-update/" target="_blank" rel="follow">Huobi decided </a>to launch its local
<a href="https://www.financemagnates.com/terms/e/exchange/" class="terms__main-term" id="b5da6e64-2afe-421d-9b81-16404b7d59d6" target="_blank">exchange</a> in the region, Gate Group's owner of the Gate.io trading brand made a
similar announcement.</p><p>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.</p><p>Gate.io to Open Gate HK</p><p><a href="https://www.financemagnates.com/cryptocurrency/hong-kongs-sfc-consults-on-allowing-retail-traders-to-trade-crypto/" target="_blank" rel="follow">According
to Finance Magnates' report on Monday</a>, 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.</p><p>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. </p><p>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.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">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 market, stay tuned.</p>— Lin Han (@han_gate) <a href="https://twitter.com/han_gate/status/1627865433880825857?ref_src=twsrc%5Etfw">February 21, 2023</a></blockquote><p>"Hong
Kong is a global strategic market for Gate Group, not only because Hong Kong is
the hub for many financial institutions and investors, but more importantly,
the industry-leading regulatory regime of Hong Kong helps boost confidence for
the whole industry and provides additional stability for investors," Lin
added.</p><p>Moreover,
Hippo FS has allocated resources to establish teams that will oversee local
operations and guarantee the safety of its service infrastructure as well as
its clients' assets. Gate Group's forthcoming launch of Gate HK represents a
significant stride towards advancing blockchain and virtual asset adoption.</p><p>Watch the recent FMLS22 panel discussion on: "Crypto Hub in the Making: A Fireside Chat with MP Lisa Cameron."</p><p>Gate.io Expansion in Turkey
and USA</p><p>A few months
before, Gate.io's United States subsidiary, <a href="https://www.financemagnates.com/cryptocurrency/gateio-to-launch-us-services-after-gaining-state-licenses/" target="_blank" rel="follow">Gate US, announced</a> it had received
multiple state licenses, thus gaining permission to operate a crypto exchange
in a larger part of the country.</p><p>Despite
obtaining new licenses, the regulatory process is ongoing, and the local crypto
exchange has yet to launch its services for US customers. According to the latest
information from December, the service may not initially be available to
residents of several states, including New York, Puerto Rico and Hawaii.</p><p>In the meantime,
Gate.io <a href="https://www.financemagnates.com/cryptocurrency/gateio-targets-new-crypto-exchange-gatetr-at-turkeys-crypto-market/" target="_blank" rel="follow">launched </a>a new <a href="https://www.financemagnates.com/terms/c/cryptocurrency-exchange/" class="terms__secondary-term" id="601e2e5f-0c28-4253-9ad4-5e6b251ba2fa" target="_blank">cryptocurrency exchange</a>, GateTR, tailored to Turkey's
cryptocurrency market. It responded to the enormous interest in cryptocurrencies
in the country, where eight million people are actively involved in digital
assets trading.</p><p>Hong Kong May Allow Retail
Crypto Trading</p><p>The rising
interest in crypto trading platforms to set up local exchanges in Hong Kong are
primarily due to regulatory changes and the increasing possibility of permitting
retail investors in the region to trade cryptocurrencies.</p><p>Recently, SFC started a period of public consultation regarding regulating crypto trading
platforms. During the consultation period, SFC specifically requests input on
whether licensed platform operators should serve retail traders.</p><p>A week
before the SFC announced its regulatory plans, publicly-listed electronic
trading firm <a href="https://www.financemagnates.com/forex/brokers/interactive-brokers-launches-crypto-trading-in-hong-kong/" target="_blank" rel="follow">Interactive Brokers revealed</a> that it was expanding its
cryptocurrency activities to the Asian market, offering to trade digital assets
in Hong Kong.</p>
This article was written by Damian Chmiel at www.financemagnates.com.
You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.
Comments