Per a press launch shared on Monday, Gate.io’s Hippo Financial has subsequently sold a license to grant digital asset custodial offerings in Hong Kong. Gate.io properties a range of ecosystems, consisting of crypto exchanges, decentralized finance, and blockchain, and is at present based on a giant global enlargement phase.\
Therefore, obtaining a license from the Registry for Trust and Company Service Providers was once in line with its present-day plan. It additionally accompanied a pass by into Malta in March, when its Gate Technology unit obtained a Virtual Financial Assets Service Provider license enabling it to function as an alternate and grant custodian choices in the country.
Gate.io expanding to Hong Kong
According to CEO Han Lin, walking a custody corporation in Hong Kong is a great milestone for the company. The CEO cites Hong Kong’s industry-leading regulatory regime as one of the motives for its being achievement. Additionally, a license in Hong Kong will construct self-assurance in traders who locate crypto property in Hippo Financial Services’ custody. Hong Kong is a world economic hub for customers and companies, and the pass has to ideally enhance Gate.io’s growth plans. Many crypto companies and exchanges have additionally welcomed Hong Kong’s regulatory policies. Hence, it is no shock that Gate.io is visibly glad about the license approval.
In March, Gate.io moreover received a license to provide its choices in Malta. The firm’s technological information unit acquired a Virtual Financial Assets Service Provider license nationwide, and this enable approves the employer to run an alternate and provide custodial offerings in the country.
Gate.io is one of the oldest Chinese crypto exchanges. The employer used to be headquartered in 2013. However, Gate.io moved its base to the Cayman Islands after China modified its opinion on crypto assets. The structures grant get entry to over one hundred eighty crypto tokens and almost 4 hundred marketplaces. Nonetheless, the platform no longer offers fiat currencies, which has been one most necessary criticism from many users. However, the platform has minimal fees, which many shoppers have celebrated.