Hong Kong Approves First Licensed LLC to Offer Crypto Services

In a historic move, Hong Kong’s SFC has approved the first traditional securities company to offer crypto services.

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  • Hong Kong has made a historic move in the domestic crypto industry.
  • The SFC approved the first traditional securities company to offer virtual asset services.
  • The services will be available to a select investor group.

In a historic and progressive move, Hong Kong has approved the first traditional securities company to offer select services to retail investors in the crypto industry.  

On November 24, Victory Securities announced that it became the first publicly traded company in Hong Kong to obtain approval from the Securities and Futures Commission (SFC) to provide retail investors with a licensed corporation for virtual asset trading and advisory services.

With a legacy of five decades deeply rooted in Hong Kong, Victory Securities is venturing into the local crypto trading foray as a monumental leader in shaping the city’s financial future.

Connecting Traditional Finance with Virtual Assets

Per the announcement, with the SFC’s approval, Victory Securities “hopes to connect traditional finance and virtual assets,” enabling retail investors to allocate their holdings in a flexible and convenient way.

Other services the company may provide include publishing relevant research materials to provide general investors with investment advice on virtual assets.

“In addition, we will continue to focus on investor education, enhance investors’ understanding of virtual assets, actively promote the popularization of virtual asset investment, and work hand in hand with regulatory agencies to jointly build Hong Kong into a stable, safe and sustainable development virtual asset trading center.” The company stated.

Victory Securities joins crypto-native firms HashKey Exchange and OSL Digital Securities as the only entities approved by the SFC to offer regulated virtual asset trading services in Hong Kong, following a regulatory regime introduced earlier in the year.

Read why Hong Kong is probing crypto exchange JPEX:
JPEX Exchange Shuts Down Operations as SFC Probe Escalates

Stay updated on Hong Kong’s new policy recommendations on Web3 leadership:
Hong Kong Unveils New Recommendations to Boost Blockchain Leadership

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Brian Danga

Brian Danga, a Kenyan crypto reporter, is dedicated to delivering breaking news and updates from the cryptocurrency world. With a background as a Web3 writer and project manager, he recognizes the importance of unbiased reporting. Holding an LLB degree from the University of Nairobi, Brian's analytical skills contribute to his accurate news reporting. His personal interests include cooking, watching documentaries, reading, and engaging in intellectual discussions.