Hong Kong’s Victory Securities to Offer Digital Asset Services in Retail Markets

Hong Kong
Last updated:
Author
Author
David Pokima
About Author

David is a finance journalist and a contributor to Cryptonews.com with a keen interest in breaking comprehensive, accurate, and reliable blockchain news.

Last updated:
Why Trust Cryptonews
Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews
Source: Pixabay

Hong Kong’s investment management firm, Victory Securities has obtained approval to offer digital asset services to retail clients expanding the country’s number of cryptocurrency licences.

In a Nov 24 press release, the company made the announcement that it obtained a license from the Securities and Futures Commission (SFC) to offer digital asset services adding that this development makes it the first licensed corporation to offer those associated services to clients.

Victory Securities… which has been rooted in Hong Kong for 50 years, has made significant progress in the field of virtual assets and became the first company in Hong Kong to obtain approval from the Hong Kong Securities and Futures Commission (“SFC”) to provide retail investors with A licensed corporation for virtual asset trading and advisory services.”

According to the statement, Victory Securities will integrate virtual assets with the traditional finance ecosystem and allow retail clients to participate in the model getting and trading assets seamlessly.

The company also hailed the commitment of the Hong Kong authority as it sets itself to become the destination of the International Virtual Asset Center.

Seeking to connect both branches of finance, the firm wants to create a platform where users can flexibly allocate assets and offer investment advice to retail users including periodic research reports.

In line with modern regulatory requirements to provide adequate information on products and assess user knowledge before they can invest, the company wrote that it would focus on investor education, and research and will continue to partner with regulatory agencies.

Hong Kong’s web3 revolution

Victory Securities now joins the rank of firms with retail crypto licenses in Hong Kong. Previously the regulatory nod has been given to HashKey and OSL Securities.

Hong Kong has been lauded for a positive stance toward digital assets after releasing a regulatory framework for retail markets to protect all parties in the sector.

The rules which were released on June 1 give companies a level playing field while protecting investors according to Julia Leung, the chief legal officer at the SFC while Gary Tiu, the head of regulation at OSL said the regime should be studied and replicated in other markets.

However, virtual asset exchange Bitget announced a closure of business in Hong Kong on December 13 citing market considerations as reasons why it will not pursue previous plans for a local license.

Due to business and market-related considerations, we have decided not to apply for a Virtual Asset Trading Platform (VATP) license in Hong Kong.”

Similar efforts are being recorded in Dubai, Brazil, and Singapore as they clear up the digital asset structure to pass proper regulations like Europe’s success with the Markets in Crypto Asset (MiCA) regulation.

More Articles

DeFi News
Hong Kong SFC Holds First Virtual Asset Consultative Panel Meeting
Hassan Shittu
Hassan Shittu
2025-02-14 14:11:26
Features
Central African Republic Meme Coin: Big Promises, Bigger Doubts
Olga Primakova
Olga Primakova
2025-02-14 13:17:25
Crypto News in numbers
editors
Authors List + 66 More
2M+
Active Monthly Users Around the World
250+
Guides and Reviews Articles
8
Years on the Market
70
International Team Authors