Virtual asset services provider Gate Group, the company behind the crypto exchange Gate.io, has introduced its latest virtual asset trading platform in Hong Kong.
The Gate.HK platform commenced registration and trading services on May 23. Users can now make virtual asset deposits and withdrawals, as well as engage in spot trading of various cryptocurrencies such as Bitcoin (BTC), Ether (ETH) and Litecoin (LTC). Gate.HK seeks to offer a diverse range of trading services that cater to retail users and professional investors.
Gate Group envisions expanding the capabilities of Gate.HK, intending to introduce additional services that provide users with a more extensive array of trading options. Each new product and service will be tailored to meet the specific needs of users while adhering to regulatory requirements in Hong Kong.
In February, Gate.io announced plans to establish a presence in Hong Kong after the local government allocated 50 million Hong Kong dollars ($6.4 million) to support Web3 initiatives as part of the city’s 2023-24 budget.
Related: Gate.io pledges $100M to revive crypto and rebuild investor confidence
On May 23, the Hong Kong Securities and Futures Commission (SFC) announced its intention to permit licensed platforms to cater to retail investors. The regulator stated that virtual asset trading platform operators willing to adhere to the proposed guidelines could apply for a license. These guidelines encompass various aspects, including asset custody safety requirements, cybersecurity standards and the segregation of client assets, among others.
In the announcement, the SFC also expressed its intent to enforce several strong measures to safeguard retail investors. These measures encompass effective governance, suitability assessments during the onboarding phase, heightened scrutiny of token properties, admission requirements and transparent disclosure practices.
Magazine: Ripple, Visa join HK CBDC pilot, Huobi accusations, GameFi token up 300%: Asia Express
Sourced from cointelegraph.com.
Written by Judith BannermanQuist on 2023-05-27 12:29:01.
