Greenland Financial Technology Group, a subsidiary of Greenland Holdings, is the first state-owned Chinese company to apply for a virtual asset trading license in Hong Kong. According to CEO James Geng Jing, a new company dedicated to virtual asset trading will be set up. Moreover, apply for licensing in Hong Kong. The Securities and Futures Commission (SFC) rules that go into effect June 1 require virtual asset trading platforms to have a license to operate or market themselves in the region. This move is part of Greenland Holdings’ efforts to expand its presence in the virtual asset trading market. Moreover, to provide customers with a secure and reliable trading platform.
Greenland Expands Digital Banking into Hong Kong
Greenland Financial Technology Group has recently been granted a digital banking license in Singapore in 2020. This license allows the company to expand its digital business into Hong Kong. Furthermore, with plans to offer cryptocurrency, nonfungible tokens and products related to carbon emissions. Greenland already holds two licenses from the SFC – for securities advising and asset management, and applied for a virtual bank license in 2018. Geng, the CEO of Greenland, is confident that this new venture will be successful. What’s more, given its experience in providing digital banking in Singapore. Lastly, its expansion of digital business in mainland China in the past five years. With its new digital banking license, Greenland is now well-placed to progress its presence in the Hong Kong market.
Advancing Hong Kong as Global Trading Hub: Regulation and Investor Protection
The Greenland Financial Technology Group is advocating for sound regulation and investor protection. Moreover, aiming to develop Hong Kong into a global virtual asset trading hub. It is led by Geng Ming who believes that through such regulation and protection, Hong Kong can become a leading financial center in the world. Geng further elaborated that this will help reduce risks, attract more investors, and enhance the international reputation of the city. Moreover, it will also create a favorable business environment for investors while providing them with the necessary protection they need. Having sound regulation and investor protection is the key for Hong Kong to develop as a virtual asset trading hub, according to Geng.
Hong Kong Eyes Crypto Revolution
Hong Kong is embracing the digital asset revolution, with two mainland China-based exchanges – Huobi Global and OKX. Furthermore, applying for virtual asset trading licenses in February. The move could be a significant game-changer in the global cryptocurrency landscape, with the city potentially becoming the world leader in the industry and displacing the United States. With the backing of the government and a well-developed infrastructure in place, Hong Kong is well placed to become the new world center for digital asset trading.
Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.
