Greenland Holdings Applies For Trading Crypto And NFTs License In Hong Kong: Report

Key Points:

• Greenland Holdings to Enter Hong Kong’s Digital Trading Industry.
• New Company to Focus on Cryptocurrencies, NFTs, and Carbon Emissions Products.
• Proper Regulation and Investor Protection Crucial for Hong Kong as Virtual Asset Trading Hub.

According to SCMP, Greenland Holdings, the largest developer in Shanghai, plans to apply for a virtual asset operator’s license in Hong Kong. This move would make Greenland the first state-owned enterprise to enter Hong Kong’s digital trading industry.

According to James Geng Jing, CEO of Greenland Financial Technology Group, the application is an effort to diversify the organization’s business and expand its international footprint. Geng cited Hong Kong’s status as a global city and its new regulatory regime for virtual asset trading platforms as reasons for the move.

Greenland Financial Technology will set up a new company to focus on virtual asset trading, particularly cryptocurrencies, non-fungible tokens (NFTs), and products related to carbon emissions. However, any plans will be subject to the Securities and Futures Commission (SFC) approval and compliance with all Hong Kong regulations. If approved, this will be Greenland’s second attempt to expand into digital business in Hong Kong. In 2018, the group applied for a virtual bank license issued by the Hong Kong Monetary Authority, but it was not approved.

Greenland Holdings has two licenses from the SFC to conduct business in securities advisory and asset management. The organization is a global Fortune 500 company with headquarters in Shanghai, assets of US$231.28 billion, and revenue of US$84.45 billion. The company has recently expanded into finance, retail, hotels, and digital businesses, including blockchain, data management, and carbon-emission trading.

Proper regulation and investor protection are crucial for Hong Kong to develop as a virtual asset trading hub, according to Geng. He supports the SFC’s efforts to regulate the virtual asset trading industry to prevent the collapse of cryptocurrency exchanges like FTX and the failure of regional banks. With 30 years of experience, Greenland is confident in its ability to enter Hong Kong’s digital trading industry and positively impact it.

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