Gate.io Follows Huobi, OKX To Seek Licenses In Hong Kong

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

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

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