Gate.io to apply for a license in Hong Kong
Crypto exchange Gate.io has revealed its intent to apply for a license in Hong Kong under new requirements to capitalize on the city’s attempts to establish itself as a digital asset hub.
If approved, the group will launch Gate HK, a new platform designed for the Hong Kong market. The exchange cited the nation’s crypto-friendly policies as Hong Kong’s government is pushing to attract digital asset businesses, which would increase retail investors’ access to top cryptocurrencies and crypto exchange-traded funds.
Dr. Han Lin, Founder of Gate Group, recently tweeted, “Very excited about Hong Kong. Having obtained the TCSP License in HK, Gate Group is also preparing for a crypto license and fine-tuning Gate HK, a new platform tailored to serve HK’s growing crypto market, stay tuned.”
“Hong Kong is a global strategic market for Gate Group, not only because Hong Kong is the hub for many financial institutions and investors, but more importantly, the industry-leading regulatory regime of Hong Kong helps boost confidence for the whole industry and provides additional stability for investors.” Lin Han added.
Earlier in December, Gate.io’s US-based arm, Gate US, has been granted a license to offer virtual asset services in the United States.
Without revealing further details, Gate.io said it has secured regulatory approval to operate as a blockchain and digital asset infrastructure provider. The nod greenlights the exchange to launch its exchange platform and digital asset trading services to retail and institutional clients in several US states.
The news comes shortly after Gate.io obtained authorisation to operate in Lithuania, which covers many business areas including crypto-asset trading, custodian service, digital asset wallet, and portfolio management.
Obtaining this Lithuanian crypto licence is a significant milestone for Gate.io and facilitates its registration in other European countries, expanding its scope of service to reach more users worldwide.
Having completed its registration as a Virtual Assets Service Provider (VASP), the approval enables Gate.io to provide both cryptocurrency exchange and wallet services. It also puts the firm on a firmer regulatory footing while offering its crypto exchange, blockchain, DeFi platform and more in compliance with local anti-money laundering and counter-terrorist financing (AML/CFT) laws.
Among other benefits, Gate.io will be able to establish relationships with traditional financial institutions like banks, which enables its customers to convert their cryptocurrency to fiat money or vice versa on the platform.
It also launched operations in Malta after its technology unit received the regulators’ nod as a virtual financial assets service provider, allowing it to operate an exchange and offer custodian services in the country.
