1. BITBILIHome
  2. Article

Gate Group floats virtual asset exchange in Hong Kong

• 72 views

TL;DR Breakdown

  • The Gate Group has launched its virtual asset exchange in Hong Kong to cater to retail traders.
  • Hong Kong regulator plans to take measures to safeguard retail traders.

Gate Group, the virtual asset services provider and parent company of Gate.io, has recently introduced its latest virtual asset trading platform, Gate.HK, in Hong Kong. The platform, which began registration and trading services on May 23, allows users to make deposits and withdrawals of virtual assets and engage in spot trading of cryptocurrencies like Bitcoin, Ethereum, and Litecoin. Gate.HK aims to cater to both retail users and professional investors by offering a diverse range of trading services.

Gate Group launches its virtual asset exchange

Gate Group has plans to expand the capabilities of Gate.HK in the future, with a focus on introducing additional services that provide users with a broader array of trading options. Each new product and service will be customized to meet the specific needs of users while complying with regulatory requirements in Hong Kong.

The decision to establish Gate Group’s presence in Hong Kong was influenced by the government’s allocation of 50 million Hong Kong dollars ($6.4 million) to support Web3 initiatives as part of the city’s 2023-24 budget. This funding demonstrates the local government’s commitment to fostering innovation in the blockchain and cryptocurrency space.

In line with this development, the Hong Kong Securities and Futures Commission (SFC) announced on May 23 its intention to permit licensed platforms to serve retail investors. The SFC outlined proposed guidelines that virtual asset trading platform operators could adhere to when applying for a license. These guidelines cover various aspects, including requirements for asset custody safety, cybersecurity standards, and the segregation of client assets, among others.

The Hong Kong SFC wants to safeguard retail traders

The SFC emphasized its determination to enforce robust measures aimed at safeguarding retail investors. These measures include implementing effective governance practices, conducting suitability assessments during the onboarding process, conducting thorough evaluations of token properties, establishing admission requirements, and promoting transparent disclosure practices.

The introduction of Gate.HK and the SFC’s intention to regulate virtual asset trading platforms indicate a positive development for the cryptocurrency industry in Hong Kong. By providing a regulated platform and implementing stringent investor protection measures, Gate Group and the SFC aim to instill confidence among retail investors and foster a secure and transparent trading environment.

As Gate.HK continues to evolve, it is expected to contribute to the growth of the virtual asset market in Hong Kong by offering a wide range of trading options and adhering to regulatory standards. The platform’s launch and the SFC’s supportive stance demonstrate Hong Kong’s commitment to embracing the potential of virtual assets while prioritizing investor protection and regulatory compliance.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

文章来源于互联网:Gate Group floats virtual asset exchange in Hong Kong

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年5月27日 15:59
Next 2023年5月27日 19:58

Related articles

  • Fed’s $100 billion loss – You won’t believe what’s behind it

    TL;DR Breakdown The Federal Reserve’s losses have surged past $100 billion, causing significant concern. Predictions suggest this could rise to between $150 billion and $200 billion soon. These losses stem from the Fed’s aggressive interest rate hikes and its bond-buying spree during the pandemic. Description Recent data paints a startling picture for the Federal Reserve as its losses have alarmingly surged past the $100 billion mark. For a financial institution of its caliber, such a figure sends shockwaves across economic landscapes. The real kicker? Predictions suggest the worst is yet to come. The Road Ahead Looks Even Rougher Experts are … Read more Recent data paints a startling picture for the Federal Reserve as its losses have alarmingly surged past the $100 billion mark. For a financial institution of its caliber, such a figure sends shockwaves across economic landscapes. The real kicker? Predictions suggest the worst is yet to come. The Road Ahead Looks Even Rougher Experts are chiming in with rather grim projections. Analyst William English, previously part of the central bank’s inner circle and now sharing his wisdom…

    Article 2023年9月16日

  • Gold prices in Japan soar past 10,000 yen per gram amid economic uncertainty

    TL;DR Breakdown On Tuesday, the retail cost of gold in Japan crossed the 10,000 yen ($68.31) per gram mark for the first time, reaching 10,001 yen per gram. Japanese yen depreciation against the U.S. dollar continues due to Fed credit control, rising interest rates, and rising gold prices. Description On Tuesday, the retail cost of gold in Japan crossed the 10,000 yen ($68.31) per gram mark for the first time, reaching 10,001 yen per gram on that day, marking a 28 yen surge from the previous day’s price. The value of gold in yen has been climbing due to the yen’s decline against the … Read more On Tuesday, the retail cost of gold in Japan crossed the 10,000 yen ($68.31) per gram mark for the first time, reaching 10,001 yen per gram on that day, marking a 28 yen surge from the previous day’s price. The value of gold in yen has been climbing due to the yen’s decline against the dollar. This rise is linked to a rising desire for gold as a secure investment, prompted by worries…

    Article 2023年8月29日

  • SEC clarifies Filecoin’s FIL token as security, Greyscale pushes back

    TL;DR Breakdown The SEC labels Filecoin’s FIL token as a security, leading to the rejection of Grayscale’s application for a Filecoin Trust product. Grayscale disagrees with the SEC’s decision, intending to present its legal rationale against the classification. This decision signifies the SEC’s intensified scrutiny of the crypto industry, spotlighting the ongoing debate over digital token classification under U.S. securities law. The world of digital currencies has been hit with another shockwave as the U.S. Securities and Exchange Commission (SEC) enters yet another dispute over the classification of a major cryptocurrency. This time, the regulator has identified the digital token of Filecoin (FIL), managed by Protocol Labs, as a security, creating ripples of concern within the global crypto industry. A regulatory crackdown on crypto In a recent statement, Grayscale Investments, one of the largest crypto asset management firms, announced that it received a letter from the SEC rejecting its application to launch a Filecoin Trust product. The SEC posited that Filecoin’s FIL token satisfies the criteria of a security under federal law and, therefore, Grayscale’s application was deemed inappropriate. This…

    Article 2023年5月19日

  • Historic Senate hearing sees OpenAI CEO Sam Altman championing AI safety

    TL;DR Breakdown Sam Altman, along with NYU professor Gary Marcus and IBM’s chief of trust, Christina Montgomery, illustrate how the U.S. government should regulate the AI industry. Sam Altman advocated for the establishment of a federal oversight agency with the authority to issue and revoke development licenses on AI. The proceedings focused on understanding the potential threats posed by generative AI models such as ChatGPT. In a historic event that marked a significant milestone for the field of artificial intelligence (AI), OpenAI CEO Sam Altman recently testified before the Senate in a hearing focused on AI safety. This groundbreaking hearing shed light on the challenges and opportunities presented by AI, as well as the measures necessary to ensure its safe and responsible development and deployment. Contents hide 1 Sam Altman shows the importance of AI safety 2 The Senate hearing addresses AI’s ethical concerns 3 The Senate take on Sam Altman’s testimony 4 The future of AI safety Sam Altman shows the importance of AI safety As AI continues to advance rapidly, it becomes increasingly important to address the potential…

    Article 2023年5月17日

  • ISDA Welcomes Ripple Labs as Member of Elite Global Derivatives Trade Body

    TL;DR Breakdown Ripple Labs has become a member of the ISDA, joining over 1000 institutions from 79 countries and aligning itself with financial giants like JP Morgan and Goldman Sachs. Following a favorable legal ruling regarding the sale of XRP tokens, Ripple’s ISDA membership could pave the way for increased collaboration and acceptance of cryptocurrencies in mainstream finance. Description In a significant development, Ripple Labs, a leading player in the cryptocurrency market, has become a member of the International Swaps and Derivatives Association (ISDA). This prestigious trade organization comprises market participants for over-the-counter (OTC) derivatives. Ripple’s inclusion in the ISDA makes it one of the few cryptocurrency companies to join the ranks of global … Read more In a significant development, Ripple Labs, a leading player in the cryptocurrency market, has become a member of the International Swaps and Derivatives Association (ISDA). This prestigious trade organization comprises market participants for over-the-counter (OTC) derivatives. Ripple’s inclusion in the ISDA makes it one of the few cryptocurrency companies to join the ranks of global financial giants such as JP Morgan, Blackrock, Goldman…

    Article 2023年8月5日
TOP