Gate Group, the company behind the popular cryptocurrency exchange Gate.io, has successfully launched a new cryptocurrency trading platform in Hong Kong. This move comes after the company announced its plans to establish a presence in the region in February, following the government’s allocation of $6.4 million to support Web3 activities.
Licensed Platforms to Serve Retail Investors
The recently launched platform is known as Gate.HK offers registration and trading services to users. It allows individuals to deposit, withdraw, and trade virtual assets, including popular cryptocurrencies like $BTC and $ETH. Gate.HK aims to cater to both retail and professional clients by providing a comprehensive range of trading services. Gate Group plans to enhance the capabilities of Gate.HK by introducing new services that meet the specific needs of users while adhering to regulatory regulations in Hong Kong. Each product and service will be carefully tailored to offer a broader range of trading possibilities. In a significant development, the Hong Kong Securities and Futures Commission (SFC) announced its intention to allow licensed platforms to serve retail investors. The regulator outlined specific criteria that companies must meet to apply for a license, including adherence to asset custody safety regulations, cybersecurity standards, and client asset segregation. The SFC also plans to implement stringent measures to safeguard retail investors, such as effective governance, appropriateness checks during onboarding, and transparent disclosure practices. Moreover, the SFC has invited public feedback on its new proposals to regulate the crypto industry, which are expected to take effect in June.
Gate Group’s subsidiary, Hippo Financial Services, obtained the Trust or Company Service Provider license in Hong Kong last year. This license enables the company to offer virtual asset custodial services, further bolstering its presence in the region.
Disclaimer: This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments. This is a news article only.
