Prominent cryptocurrency exchange, Gate.io is the latest virtual assets trading platform to establish a presence in Hong Kong. The cryptocurrency exchange made the development known today through a blog post. As revealed, the Gate Group which is the firm behind the Gate.io crypto exchange stated that it has launched Gate.HK. According to the announcement, the new exchange will serve as a subsidiary of its virtual asset trading platform in Hong Kong.Â
More so, in the announcement, the Gate Group revealed that it obtained a full operational license for Gate.HK on May 23, 2023. With the license, the crypto exchange will offer services such as deposits and withdrawals of digital assets. Also, the exchange will provide spot trading on various virtual assets such as Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). Overall, the Gate Group asserted that Gate.HK will deliver high-quality virtual asset services to its users.
Furthermore, the announcement indicated some of the firm’s future plans. As revealed, Gate.HK intends to introduce a wider array of trading services catering to all users including retail, institutional and professional investors. In the future, the newly launched crypto exchange will offer more services and products to provide an extensive range of trading choices. Likewise, it will aim to design every prospective product and service to suit the needs of users and regulatory requirements in Hong Kong.
Meanwhile, the inauguration of Gate.HK comes on the heels of the recent declaration by the Gate Group. Recently, the organization stated that has commenced operations to meet the regulatory requirements of the Securities and Futures Trading Commission of Hong Kong. The preparation led to the establishment of Gate.HK.
Gate.HK joins the growing virtual assets market in Hong Kong
Lately, Hong Kong has emerged as the hottest destination for virtual assets firms. This is due to the various policies the region has implemented to attract crypto firms.As part of its efforts in attracting firms to the region, the Hong Kong administration recently allocated $6.3 million for Web3 expansion.
Consequently, Hong set up a committee to provide guidelines that’ll facilitate the growth of the industry. These efforts are bearing dividends already as various virtual asset firms are battling to establish their presence in the region. Now, Gate.HK is the latest firm to venture into Hong Kong.