The first company in #HongKong to obtain preliminary approval to run a platform for trading security tokens is #Signum Digital.

The security token offering and subscription platform for Signum Digital, a partnership between the digital asset consulting firm Coinstreet Holdings and the Hong Kong financial organization Somerley Capital Holdings (Somerley Capital Holdings), revealed on March 17 that it had acquired Hong Kong securities and received Futures Commission approval in principle.

Signum Digital aims to offer professional investors a platform for security tokens that are traded on the blockchain and linked to various asset classes like private equity, real estate, art, and collectibles. Under the condition that Signum receives final approval from the Hong Kong Securities and Futures Commission, it will use the name "CS-Pro" to run the platform. The platform will be the first of its kind in Hong Kong, claims Signum.

The #SFC released draft rules for trading virtual assets last month, requiring #cryptocurrency exchanges to apply for licenses so that beginning in June, ordinary investors could trade specific high-capitalization tokens.

Presently, only professional investors with at least HK$8 million (about US$1 million) in assets that have been proven can trade virtual assets in the region. Major cryptocurrency exchange Huobi Global also said last month that it is applying for a Hong Kong operating license and may move its headquarters there from Singapore.

#HongKong Kong is reportedly making efforts to position itself as a global hub for Bitcoin and other cryptocurrency-related businesses by facilitating banking and financing services for these firms. According to Bloomberg, this move is aimed at attracting more cryptocurrency businesses to set up operations in Hong Kong and drive economic growth in the region. By offering regulatory clarity and a favorable business environment, Hong Kong hopes to attract more investment in the cryptocurrency industry and establish itself as a leading hub for crypto businesses. This development is likely to be seen as positive news by the cryptocurrency community, as it signals a growing acceptance and integration of cryptocurrencies into the traditional financial system.

#BTC #crypto2023 #BNB #bicasso

The recent application made by a Hong Kong-based company for a Bitcoin spot Exchange Traded Fund (ETF) to the Hong Kong Securities and Futures Commission (SFC) has garnered significant attention.
Harvest Fund Hong Kong, a leading Chinese fund company, has ventured into the crypto space by submitting a Bitcoin ETF application, marking a notable milestone in the region's financial landscape. This move reflects a growing interest in crypto-related activities within Hong Kong.
The decision by the US Securities and Exchange Commission (SEC) to approve the transformation of Grayscale Bitcoin Trust's GBTC into a Bitcoin spot ETF, alongside granting permission to major Western financial players like BlackRock and Fidelity, has paved the way for similar initiatives in Hong Kong.
The Hong Kong Securities and Futures Commission (SFC) is set to approve the application on February 10, with plans to list the Bitcoin ETF on the Hong Kong Stock Exchange shortly after the Chinese New Year celebrations. This development is expected to attract crypto investors in the region, allowing them to commence trading by February 10, 2024.
While Harvest Fund stands as the sole applicant for a Bitcoin ETF in Hong Kong, speculations abound regarding the potential involvement of other financial giants in the pursuit of ETF approval. These speculations stem from the significant investor bases and expansive customer networks held by these institutions.
The interest in spot ETFs is further highlighted by the success of BlackRock's IBIT, ranking among the top ETFs issued in the US, emphasizing the growing investor preference for such instruments.
According to Livio Weng, Chief Operating Officer (COO) of HashKey Group, numerous asset management firms in the region are gearing up to pursue spot Bitcoin and crypto Exchange-Traded Funds (ETFs), signaling a broader trend in Hong Kong's financial sector.
Hong Kong's emerging interest in the crypto space is expected to encourage more financial companies to seek approval for Bitcoin spot Exchange Traded Funds (ETFs), thereby diversifying the region's investment landscape.
Disclaimer: While Voice of Crypto strives for accuracy, it does not accept responsibility for any omissions or inaccuracies. Given the high volatility of cryptocurrencies, investors are urged to conduct thorough research and exercise caution when making financial decisions.
#HongKong #BitcoinETF #BTCETF #Crypto2024 #cryptocurrency
$BTC

The Hong Kong Monetary Authority (HKMA) is urging top tier banks in the country to start accepting crypto exchanges as customers. This was reported by Financial Times on June 15th.

The need to capitalise on the #crypto innovation is one that most countries are not willing to lose on. Despite the lack of complete understanding and operational policies yet, regulators are willing to take on this lucrative stride.

The crypto industry has been faced with loads of ups and downs, wherein investors have made life-changing wealth and some others have lost it all. Amidst all these, financial institutions such as Banks, are weary of potential lapses or indictments, if found that their crypto exchange clients are guilty of money laundering or other financial crimes. This is one of the major reasons, banks are being skeptical about embracing this technology.

On April 27th, one of the regulator told banks that;

"due diligence procedures should not impose undue burden on crypto firms seeking to establish a base in Hong Kong."

Meanwhile, the chairman of the Fintech Association of Hong Kong also said that;

"Everything has been done on the government's side to encourage these banks to facilitate the opening of Banking services to the sector."

The #HongKong adminstration on June 1st, provided new licensing regime for crypto exchanges offering services to retail investors. This could be a game changer for the future of Hong Kong economy.

Meanwhile, the U.S regulators are still looking for ways to prevent exchanges from leaving the country. The Judge presiding over the Securities and Exchange Commission (#sec ) lawsuits against #Binance and other crypto projects, have since advised for a possible agreement or understanding between both parties.

With all these happenings, we could see a good bull run for the crypto industry once regulators and banks start creating room for crypto investors and exchanges.

To be continued....

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