Gate.io Group, the company behind the Gate.io crypto exchange, has received a license from Hong Kong regulators allowing the exchange to provide custody services for crypto assets.
Gate.io has been licensed as a Corporate and Trust Service Provider (TCSP) through its local subsidiary Hippo Financial Services Limited (Hippo FS). Gaining approval from the Hong Kong regulatory authorities has been a key step in the development of a marketplace committed to presenting its products and services internationally.
Hippo FS will initially focus on custodial services for virtual assets, and will continue to dedicate resources to managing local operations, including improving the security of its infrastructure and client assets.
“The TCSP license will allow us to deepen our relationship with international cryptocurrency investors. We will develop local operations to bring our products and services to users in Hong Kong,” said Gate.io Group Vice President Tom Yang.
Gate.io Group founder and CEO Han Lin added that Hong Kong is considered to be a major financial center, so obtaining a custodial services license from TCSP instills even more confidence in investors placing assets in Hippo FS.
This has become an important part of the exchange’s strategy to comply with the regulatory requirements of regulators in different countries, as well as to tailor services to meet the needs of investors and the expectations of regulators, Lin concluded.
Recall that at the beginning of the year, Hong Kong legislators proposed introducing mandatory licensing for all virtual asset service providers (VASPs), tightening requirements for them.
Source: Bits
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