Gate Group Debuts a Digital Asset Trading Platform in Hong Kong
- Gate Group has announced a new digital asset trading platform in Hong Kong, Gate.HK, which went live on May 23.
- Spot trading of crypto like Bitcoin, Ether, and Litecoin, along with withdrawals and deposits, went live on May 23.
- The crypto exchange recently began preparations for an application for licensing with the Hong Kong SFC.
- This announcement comes as Gate.io celebrates its 10 year anniversary with over 12 million global users.
Hong Kong is gradually becoming the go-to destination for crypto companies after regulators in the West have turned a blind eye to the renewed calls for regulation of digital assets. Interestingly, the special administrative region of China has been more welcoming to blockchain companies, and as per a recent turn of events, Gate Group, the firm behind the popular crypto exchange Gate.io, announced that it has debuted a new digital asset trading platform in the region and aims to expand its user base in Hong Kong.
As per the announcement, the Hong Kong arm of the Gate Group has been named Gate.HK, and its aim is to “provide high-quality virtual asset services to its users.” The registration and trading services on the platform were officially opened on May 23, while the official confirmation from the company came on May 24.
Starting May 23, users of the Gate.HK platform were able to deposit and withdraw their money without any hassle. Spot trading on various virtual assets such as Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) also went live on the very same day. The announcement further read:
“Gate.HK aims to introduce a wider array of trading services catering to all users, including retail users and professional investors. In the future, the new platform will roll out various other services to provide a more extensive range of trading choices, tailoring each new product and service to meet the needs of users and the regulatory requirements in Hong Kong.”
It is also important to mention here that Gate.HK recently began its preparation for an application for licensing with the Securities and Futures Commission (SFC). Interestingly, one of the subsidiaries of the Gate Group, Hippo Financial Services Limited, was able to obtain the Trust and Corporate Service Provider (TCSP) license from Hong Kong authorities.
The announcement read that the firm’s “regional entities remain committed to legally compliant operations to ensure clients receive safe and trustworthy services.”
As reported earlier by BitcoinWisdom, Gate.io recently debuted a new Gate Visa debit card, which was made available to most of the European Economic Area (EEA) countries. The card will make it easier for users to convert and use their cryptocurrency to spend it at any of the 80 million merchant locations that accept Visa globally. This includes both in-store and online transactions.
“With the Gate Visa card, our users can make seamless crypto payments to merchants worldwide. It bridges crypto with everyday life and brings greater financial inclusion to users,” said Dr. Lin Han, founder and CEO of the blockchain firm.
On the other hand, Hong Kong has gradually become unmatched when it comes to crypto and blockchain adoption. Recently, the Financial Secretary of Hong Kong, Paul Chan, said that he plans to adopt a strategy that emphasizes both “proper regulation” and “promoting development.”
Chan stated that he has allocated around $50 million to Cyberport in the new budget to accelerate the development of the Web3 ecosystem in the region. There are also plans to introduce a licensing system for virtual asset service providers (VASPs) in June this year under the principle of “same activities, same risks, same regulation.”
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
