Users can now deposit and withdraw virtual assets as well as take part in spot trading as of May 23.
The business that operates the cryptocurrency exchange Gate.io, Gate Group, a virtual asset services provider, has launched its most recent virtual asset trading platform in Hong Kong.
On May 23, the Gate.HK platform started offering registration and trading services. Users can now deposit and withdraw virtual assets and trade numerous cryptocurrencies on the spot, including $26,138 in Bitcoin, $1,781 in Ether, and $83.88 in Litecoin. Gate.HK aims to provide a wide variety of trading services for both retail users and professional investors.
Gate Group plans to develop new services that give consumers a wider range of trading possibilities in order to increase the functionality of Gate.HK. Each new product and service will be customized to satisfy the unique needs of users while abiding by Hong Kong regulatory standards.
Following the local government’s allocation of 50 million Hong Kong dollars ($6.4 million) to assist Web3 activities as part of the city’s 2023–24 budget, Gate.io announced plans to establish a presence in Hong Kong in February.
The Hong Kong Securities and Futures Commission (SFC), in a statement on May 23, stated that it would allow licensed platforms to serve retail investors. The regulator declared that owners of virtual asset trading platforms who were ready to follow the suggested rules could apply for a license. These rules include a wide range of topics, such as the segregation of client assets, cybersecurity standards, and asset custody safety regulations.
The SFC stated in the announcement that it intended to apply various stringent safeguards for retail investors. These controls include strong governance, eligibility checks during the onboarding process, an increased inspection of token attributes, entry requirements, and open disclosure procedures.