Gate Group Launches Gate.HK Digital Asset Platform in Hong Kong
New Platform Offers a Range of Trading Services and Sets Eyes on Expansion
Thu, 25 May 2023, 14:22 pm UTC
Gate Group, the digital asset services giant operating the well-known cryptocurrency exchange Gate.io, has unveiled its latest digital asset platform, Gate.HK, in Hong Kong. Trading activities on Gate.HK commenced this week, with the platform offering a wide range of services.
The newly launched platform supports digital asset deposits and withdrawals and facilitates spot trading for popular cryptocurrencies such as Bitcoin, Ethereum, and Litecoin. Gate.HK aims to provide comprehensive trading services catering to the diverse needs of both everyday consumers and experienced traders.
As part of their ambitious expansion plans, Gate Group intends to enhance the Gate.HK platform with a range of new features, creating a comprehensive suite of trading options for users. These additions will comply with Hong Kong's regulatory framework while addressing the specific requirements of the platform's user base.
In February, Gate.io expressed its interest in entering the Hong Kong market following the city government's allocation of 50 million Hong Kong dollars (approximately $6.39 million) to support Web3 initiatives. This allocation was part of the city's fiscal plan for 2023 and 2024.
In a concurrent development on May 23, the Hong Kong Securities and Futures Commission (SFC) announced its intention to allow licensed platforms to serve retail investors. The SFC stated that digital asset trading platforms willing to comply with proposed guidelines could apply for a license. These guidelines cover aspects such as ensuring the security of asset custody, maintaining cybersecurity standards, and segregating customer assets.
Furthermore, the SFC outlined several robust measures to protect retail investors, including implementing sound governance practices, conducting suitability evaluations during customer onboarding, conducting thorough assessments of token attributes, enforcing strict admission criteria, and ensuring transparent disclosures.
The launch of Gate.HK and the regulatory developments in Hong Kong mark significant milestones in the expanding digital asset landscape within the region, offering new opportunities for traders and investors alike.
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