Gate Group, the parent firm of cryptocurrency exchange Gate.io, announced on Wednesday that it is applying for a new cryptocurrency license in Hong Kong, joining a growing list of Web3 firms entering the city.
See related article: Hong Kong’s new crypto regulation may lure Web3 firms back, experts say
Fast facts
- The crypto license will allow the group to launch “Gate HK,” a new platform that will be designed for the Hong Kong market, Gate Group said in a press release.
- The announcement comes a day after Paul Chan, Hong Kong’s financial secretary, announced the allocation of HK$50 million (US$ 6.37 million) for Web3 developments in the city’s annual budget for the new financial year.
- Earlier this week, Hong Kong’s Securities and Futures Commission started collecting public feedback on its new proposals to regulate the crypto industry set to take effect from June.
- Last August, Gate Group’s Hong Kong-based company, Hippo Financial Services Limited, obtained the city’s “Trust or Company Service Provider” license, which permits it to offer virtual asset custodial services.
See related article: Crypto.com, Gate.io sign on to boost Busan’s blockchain aspirations
