A Greenland Holdings subsidiary is making use of for a digital asset buying and selling license in Hong Kong, the South China Morning Publish reported. It’s the first state-owned Chinese language firm to take action.
Greenland Monetary Expertise Group CEO James Geng Jing advised the Hong Kong newspaper {that a} new firm devoted to digital asset buying and selling could be arrange and apply for licensing in Hong Kong. Digital asset buying and selling platforms will want a license to function or market themselves in that area beneath Securities and Futures Fee (SFC) guidelines that go into impact June 1.
Greenland already holds two licenses from the SFC — for securities advising and asset administration. It utilized for a digital financial institution license in 2018 however was not chosen. Geng stated the brand new Greenland unit would commerce cryptocurrencies, nonfungible tokens (NFTs) and merchandise associated to carbon emissions.
Associated: China state-backed agency launches two crypto funds in Hong Kong
Greenland Monetary Expertise Group obtained a digital banking license in Singapore in 2020. Geng advised the newspaper:
“After getting expertise offering digital banking in Singapore, together with our growth in digital enterprise within the mainland up to now 5 years, we’re assured that we’re able to step into Hong Kong now.”
“Having sound regulation and investor safety is the important thing for Hong Kong to develop as a digital asset buying and selling hub,” Geng added.
Greenland Monetary Expertise Group is a wholly-owned subsidiary of Greenland Holdings, a Shanghai-based actual property developer that’s 46.4% owned by the Shanghai municipal authorities. It has branched out into a number of different sectors in recent times, together with fintech.
#BlocklikeNews A unit of Greenland Holdings, Greenland Monetary Expertise Group, is planning to use for a licence to commerce digital belongings in Hong Kong, in line with a senior government, in line with South China Morning Publish. pic.twitter.com/y01YjSeBkb
— Blocklike (@blocklikecom) Might 17, 2023
Cryptocurrency exchanges Huobi International and OKX, each of which have origins in mainland China, utilized for Hong Kong digital asset buying and selling licenses in February, in line with the newspaper.
Hong Kong is bucking world developments by shifting ahead with creating its digital asset market. Some specialists say it stands an opportunity of displacing the US as a middle of the world crypto business.
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