- Hafu Securities receives SFC license for digital asset trading.
- The new license enhances BTC and ETH market access.
- Hong Kong aims to become a regulated crypto trading hub.
Hafu Securities, a subsidiary of Dongfang Fortune, has received approval from the Hong Kong Securities and Futures Commission (SFC) to provide virtual asset trading services as of June 2024.
The license allows Hafu Securities to enhance its digital asset offerings, integrating Bitcoin and Ethereum into its portfolio. The move aligns with Hong Kong’s focus on regulated crypto trading.
Institutional Interest Grows Amid Hong Kong’s Regulatory Shift
Hafu Securities, a unit of Dongfang Fortune, secured the SFC’s approval for virtual asset trades. Approved in June 2024, the license grants access to Category 1, 4, 7, and 9 services in Hong Kong. This milestone underscores the growing institutional interest in cryptocurrency.
The license broadens market access, facilitating BTC and ETH trades. Hafu’s enhanced crypto offerings are expected to draw institutional and retail investors, aligning with Hong Kong’s regulatory shift toward top-market-cap assets. The approval may result in increased trading volumes for cryptocurrencies.
“Under the proposals, any person who carries on business of dealing in VAs in Hong Kong, regardless of whether through a physical outlet and/or other platform, or who provides VA custodian services will have to be licensed or registered with the SFC, subject to a fit-and-proper test and other factors deemed relevant by the SFC.” – Hong Kong Securities and Futures Commission, Regulatory Authority, Hong Kong
Historical Context, Price Data, and Expert Analysis
Did you know? Hong Kong’s swift licensing process, initiated in 2024, significantly enhanced the institutional adoption of digital assets, resulting in a trading volume surge for approved virtual asset platforms.
Bitcoin (BTC) currently trades at $117,861.45, marking a 41.13% price increase over the past 90 days, bolstered by Hafu Securities’ new trading license. With a market cap of 2,344,360,326,423.56 and 63.89% dominance, BTC’s major surge reflects increased interest in regulated markets, reports CoinMarketCap.
The Coincu research team notes that enhanced regulatory approval processes, such as Hong Kong’s, may bolster virtual asset security and attract more institutional investors. Likely outcomes include a steady rise in BTC and ETH values due to increased trading demand. This development may inspire similar regulatory decisions globally, emphasizing compliant digital asset trades.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Source: https://coincu.com/348067-dongfang-caifu-virtual-asset-license/