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 Know-how Group CEO James Geng Jing advised the Hong Kong newspaper {that a} new firm devoted to digital asset buying and selling can be arrange and apply for licensing in Hong Kong. Digital asset buying and selling platforms will need a license to operate or market themselves in that area below 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 firm launches two crypto funds in Hong Kong
Greenland Monetary Know-how Group acquired 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 previously 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 Know-how 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 Know-how Group, is planning to use for a licence to commerce digital belongings in Hong Kong, in accordance with a senior govt, in accordance with South China Morning Publish. pic.twitter.com/y01YjSeBkb
— Blocklike (@blocklikecom) May 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 accordance with the newspaper.
Hong Kong is bucking world trends by transferring ahead with growing its digital asset market. Some consultants say it stands a chance of displacing the USA as a middle of the world crypto business.
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