Applying for a Cryptocurrency Trading License in Hong Kong
Chinese state-owned company Greenland plans to apply for a license to operate a cryptocurrency trading business in Hong Kong. 17, the South China Morning Post reported.
Greenland Financial Technology Group, a wholly owned subsidiary of Shanghai’s largest real estate developer Greenland Holdings, which is 46.4% owned by the Shanghai Municipal Government, will trade cryptocurrencies, NFTs (non-fungible tokens), carbon credits, etc. It is a form aiming to obtain a license with the aim of.
Greenland Financial Technology Group CEO James Geng Jin explained:
We hope to expand our digital financial business with Hong Kong as the gateway to the world.
With the Hong Kong government about to launch a new regime for cryptocurrency trading platforms, now is the perfect time for us to enter the business in that sector in Hong Kong.
The company plans to set up a new company focused on cryptocurrency trading and file an application with the Hong Kong Monetary Authority (SFC).
Jin also said the FTX bankruptcy last year was a good lesson for Hong Kong. In order not to repeat such incidents in Hong Kong, he continues to support the SFC in implementing appropriate regulations and investor protection for cryptocurrency trading.
It is noteworthy that a Chinese company plans to launch a cryptocurrency business in Hong Kong amid a crackdown on cryptocurrencies in mainland China.
What is Greenland
Greenland Holdings, the parent company of Greenland Financial Technology, was founded in 1992. In addition to real estate development, it is also expanding into finance, retail, hotels and digital businesses.
With assets of about 39 trillion yen ($231.28 billion) and sales of about 12 trillion yen ($84.45 billion), mainland China already has a wide range of technologies such as blockchain, data management and carbon emissions trading. Developing digital business.
Hong Kong aims to be the center of virtual currency
Hong Kong is currently in the process of developing its regulatory environment with the aim of becoming a cryptocurrency hub.
The Hong Kong Monetary Authority (SFC) will implement new rules on June 1 to introduce a licensing system for exchanges. The draft includes a provision to allow individual investors to trade cryptocurrencies.
As of April, it was reported that guidelines for cryptocurrency exchanges would be released in May.
connection: Hong Kong regulator to release guidelines for cryptocurrency exchanges in May = report
In addition, Hong Kong Finance Minister Paul Chan said in April that while the FTX bankruptcy and the instability of the virtual currency market have been pointed out, the “talented players who survived the bursting of the bubble economy” are expected to make substantial progress in the Web3 sector. He has stated that he will continue to contribute to
He also said that to promote the development of Web3, Hong Kong will adopt a strategy that focuses on both “appropriate regulation” and “promoting development”.
connection: ‘Great Opportunity’ Hong Kong Finance Minister Willing To Help Develop Web3
What is Web3
The current centralized web is defined as Web2, and refers to an attempt to realize a non-centralized network using blockchain. A typical feature is the use case of decentralized networks such as blockchain, such as access to dApps using virtual currency wallets.