Gate Group, owner of the Gate.io crypto exchange, today revealed it is planning to apply for regulatory approval with the Hong Kong Securities and Futures Commission (SFC).
According to the official announcement, the company has decided to apply for the Virtual Asset Service Provider (VASP) License under the anti-money laundering laws to trade non-security tokens.
In addition, the crypto exchange has also decided to pursue Licenses under the Securities and Futures Ordinance for Type 1 (Securities Dealing) and Type 7 (Automated Trading Services Provision) regulated activities to facilitate security token trading.
The application follows the Trust and Corporate Service Provider (TCSP) licence from the Company Registry in Hong Kong, the group recently obtained, allowing it to offer virtual assets custody services.
These licenses will allow the Group’s Hong Kong entity, Gate HK, to serve clients in the region and comply with the special administrative region’s licensing requirements.
Dr.Han Lin, Founder and CEO of Gate Group, said:
We are thrilled about the opportunity to expand our presence in Hong Kong and offer our users a secure and compliant trading environment. The upcoming VASP Licences will ensure that we continue to operate within the highest standards of security and regulatory compliance, fostering trust and confidence among our customers.
