Gate Group, the operator of the Gate.io cryptocurrency exchange, is making moves to expand its operations in China’s Hong Kong region by applying for various licenses from the Hong Kong Securities and Futures Commission (SFC).
The exchange plans to become a member of the local market before new regulations on crypto assets take effect.
In February, the SFC stated that private investors would be allowed to trade cryptocurrencies on licensed exchanges, and Gate Group is seeking to comply with this by obtaining several licenses.
Including a Virtual Asset Service Provider (VASP) license for non-security crypto asset trading, as well as Type 1 (Securities) and Type 7 (Automated Trading Services) licenses for trading digital assets that may be classified as securities under the Securities and Futures Law.
Gate Group has previously obtained a Hong Kong Corporate and Trust Service Provider (TCSP) license, which allows the exchange to legally provide custody services for virtual assets.
The management of Gate.io has also expressed its willingness to open a local branch in Hong Kong that meets regulatory requirements.
In addition to these developments, Gate.io has received licenses to operate in multiple US states, and is planning to launch a new platform in Turkey.
Overall, Gate Group is positioning itself as a major player in the global crypto market, expanding its operations in key regions around the world to meet the growing demand for cryptocurrency trading services.