Gate Group penetrates Hong Kong market with new crypto trading platform
- Crypto exchange Gate Group launched a trading platform in Hong Kong.
- The group announced its plans to establish in Hong Kong in February after the government allocated $6.4 million to Web3 activities.
Gate Group, the firm behind the cryptocurrency exchange Gate.io, has introduced its latest cryptocurrency trading platform in Hong Kong.
On 23 May, the Gate.HK platform launched registration and trading services. Users can now deposit and withdraw virtual assets, as well as trade cryptocurrencies such as Bitcoin and Ethereum on the spot.
Gate.HK said it aims to provide a comprehensive range of trading services to both retail and professional clients.
Gate Group also intends to extend the capabilities of Gate.HK by introducing new services that will provide customers with a broader range of trading possibilities.
Each new product and service will be adapted to the individual demands of users while conforming to Hong Kong regulatory regulations.
Gate.io announced its plans to establish a presence in Hong Kong in February. This was after the local government’s allocation of 50 million HKD ($6.4 million) to Web3 activities.
Hong Kong regulator allows licensed platforms to serve retail investors
The Hong Kong Securities and Futures Commission (SFC), the country’s regulator, stated on 23 May its plan to allow licensed platforms to serve retail investors.
The regulator indicated that companies that are prepared to follow the suggested criteria could apply for a license. These rules cover a wide range of topics, including asset custody safety regulations, cyber security standards, and client asset segregation.
The regulator also plans to enact a number of stringent measures to protect retail investors. These methods include effective governance, onboarding appropriateness checks, tighter examination of token attributes, admission requirements, and transparent disclosure practices.
The SFC has also started collecting public feedback on its new proposals to regulate the crypto industry. The proposals are set to take effect from June.
Gate Group’s Hong Kong-based entity, Hippo Financial Services, earned the city’s Trust or Company Service Provider license last year. This allowed it to provide virtual asset custodial services.