Sign Up on MEXC
Gate.io, a leading crypto exchange, on Monday confirmed that it is applying for multiple licenses with the Securities and Futures Commission (SFC) in Hong Kong. The crypto exchange’s Hong Kong entity Gate Digital Limited (Gate HK) will apply for several licenses, including a virtual asset service provider (VASP) in Hong Kong.
In March, Gate Group successfully obtained the Trust and Corporate Service Provider (TCSP) license from the Company Registry in Hong Kong. It allows the firm to offer virtual assets custody services.
Gate.io Plans To Apply for Crypto Trading License in Hong Kong
One of the top crypto exchanges in terms of trading volume Gate.io plans to apply for the Virtual Asset Service Provider (VASP) Licence under the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Ordinance 2022 for trading non-security tokens.
Gate HK will also apply for the Licences under the Securities and Futures Ordinance for Type 1 (Dealing in Securities) and Type 7 (Providing Automated Trading Services) regulated activities for trading security tokens.
The VASP licenses will allow Gate HK to maintain compliance with the regulations, as well as improve trust and confidence among its customers.
Other crypto exchanges such as Huobi Global and OKX are actively seeking VASP licenses in Hong Kong as the government authorizes its primary financial regulator to regulate crypto. It plans to become a major crypto hub. The exchanges will require a license to continue operating in Hong Kong.
Also Read: Justin Sun Predicts Huobi Global’s Profit To Rise Four Times In Q2
Exchange’s Participation in the Hong Kong Web3 Festival 2023
Gate Group announces participation in the inaugural Hong Kong Web3 Festival 2023 from April 12-15. The event aims to increase the adoption of Web3 and blockchain technology.
Edwin Cheung, the business lead for Gate Hong Kong, will represent the exchange at the Hong Kong Web3 event. Moreover, Gate HK will also co-host the BTS Labs Network Assembly on April 12 in collaboration with BTS Labs. The companies plan to demonstrate commitment to fostering the growth and development of Web3 and the blockchain ecosystem.
Also Read: Bitcoin Price To Breakout Above $30000 In Another Massive Move This Week
- Michael Saylor Credits Bitcoin for Strategy’s Outperformance Over ‘Mag 7’ Stocks
- XRP Overtakes Shopify, Verizon, Citigroup in Market Value as Price Eyes $6
- Altcoin Season Index Hits New High As ETH, SOL, DOGE, and XRP Rally
- ‘Huge Breakthrough,’ Peter Brandt Says as Dogecoin Reclaims $0.30 Ahead ETF Launch
- Bitcoin Bull Cycle Could Extend To 2026, Arthur Hayes Predicts
- Bitcoin Price Prediction: Q4 Rally Looms as ETF Inflows Hit $642M—Analyst eyes $150K
- Pepe Coin Price Prediction as the Token Jumps Nearly 20% – Will Whale Accumulation Take it to $0.00003?
- Pi Coin Price Prediction As Adam & Eve Pattern Signals Breakout Rally To $0.45 Ahead
- HBAR Price Prediction Amid DTCC Listing and Archax Expansion — Is $0.50 Next?
- Ethereum Price Eyes a 40% Surge as Morgan Stanley Shifts Fed Cuts Forecast
