Gate.io Crypto Exchange Confirms its SFC License Application

Gate.io Crypto Exchange Confirms its SFC License Application

Gate Group,
the owner of the Gate.io crypto exchange trading brand, has confirmed to apply
for regulatory approval with the Securities and Futures Commission (SFC) in
Hong Kong. It is, thus, another cryptocurrency platform that wants to join the
local market before the new digital assets’ regulations take effect in June.

Gate.io Awaits SFC Authorization

According
to the recent press release, Gate Group has already applied for an SFC license
and is planning to pursue the Virtual Asset Service Provider (VASP) License under
the anti-money laundering laws to trade non-security tokens. Additionally, the
crypto exchange wants to apply for Licenses under the Securities and Futures
Ordinance for Type 1 (Securities Dealing) and Type 7 (Automated Trading
Services Provision) regulated activities to facilitate security token trading.

In February, the exchange obtained a Trust and Corporate Service Provider (TCSP) license
from the Company Registry in Hong Kong, allowing the Group to offer virtual
assets custody services. Additionally, it announced intentions to launch a
local Gate HK branch that will comply with the special administrative region’s
licensing requirements. The information and an update on applying for SFC
authorization were confirmed this week.

„The
anticipated VASP Licences will ensure Gate HK maintains the highest standards
of security and regulatory compliance, fostering trust and confidence among its
customers. Gate Group is eager to contribute to the groundbreaking Web3
Festival in Hong Kong and support the ongoing development and expansion of the
Web3 ecosystem,” the company commented in the statement.

Gate.io Launches Gate
Wealth

Additionally,
the leading crypto exchange has unveiled a novel wealth management solution called Gate Wealth.
This service aims to deliver tailored wealth management options to
cryptocurrency investors worldwide, assisting them in efficiently managing
their digital assets.

Gate Wealth
presents a selection of investment instruments and structured products. These
encompass interval interest calculation, double no-touch, compounding, and
quantitative strategies. In addition, the platform devises personalized product
solutions to address users’ income, asset protection, and leverage ratio
requirements.

„Gate
Wealth is a new wealth management product launched by Gate.io to provide
investors with considerate and efficient services. With the rapid development
of the encryption market and increasingly fierce competition, Gate Wealth aims
to bring better investment experience and more opportunities for global crypto
investors,” Dr Han Lin, the Founder and CEO of Gate.io, said.

Lin
underscored that Gate.io is eager to delve into the thriving cryptocurrency
landscape alongside its clients, jointly pursuing their mutual wealth growth
objectives.

Traction after FTX
Collapse

In the
immediate aftermath of the FTX cryptocurrency exchange’s downfall, retail
investors predominantly gravitated towards Crypto.com and Gate.io platforms, as
highlighted by a recent analysis carried out by Trading Browsers, a digital
assets analytics tool.

In the wake
of the FTX ecosystem collapse, Trading Browsers conducted an analysis of the
largest cryptocurrency exchanges to determine which experienced the most
significant growth in Google Search and trading volumes from November 9 to 13,
2022.

Source:
Trading Browsers

The research findings revealed that Crypto.com experienced a remarkable uptick of 333% in Google searches and an increase of 232% in trading volume during the
specified timeframe. On top of that, Gate.io saw a substantial rise in search interest,
with an increase of 300%, and a considerable boost of 181% in overall trading volume.

A few
months ago, Gate.io’s US subsidiary, Gate US, obtained multiple state licenses
to expand its crypto exchange operations. However, services for US customers
remain pending amid ongoing regulations. Meanwhile, Gate.io launched GateTR, a
cryptocurrency exchange tailored to Turkey’s market, catering to the country’s
eight million active digital asset traders.

This article was written by Damian Chmiel at www.financemagnates.com.

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