Per a press release shared on Monday, Gate.io’s Hippo Financial has finally obtained a license to offer virtual asset custodial services in Hong Kong. Gate.io houses various ecosystems, including crypto exchanges, decentralized finance, and blockchain, and is currently focused on a massive global expansion phase.
Therefore, obtaining a license from the Registry for Trust and Company Service Providers was in line with its current plan. It also followed a move into Malta in March, when its Gate Technology unit received a Virtual Financial Assets Service Provider license allowing it to operate an exchange and offer custodian services in the country.
Crypto platforms expanding to Hong Kong
According to CEO Han Lin, running a custody business in Hong Kong is a significant milestone for the company. The CEO cites Hong Kong’s industry-leading regulatory regime as one of the reasons for its being achievement. Additionally, a license in Hong Kong will build confidence in investors who place crypto assets in Hippo Financial Services’ custody. Hong Kong is a global financial hub for investors and companies, and the move should ideally boost Gate.io’s expansion plans. Many crypto firms and exchanges have also welcomed Hong Kong’s regulatory policies. Hence, it is no surprise that Gate.io is visibly happy with the license approval.
In March, Gate.io also obtained a license to offer its services in Malta. The firm’s technology unit obtained a Virtual Financial Assets Service Provider license nationwide, and the permit allows the firm to run an exchange and offer custodial services in the country.
Gate.io is one of the oldest Chinese crypto exchanges. The company was founded in 2013. However, Gate.io moved its base to the Cayman Islands after China changed its opinion on crypto assets. The platforms grant access to over 180 crypto tokens and nearly 400 marketplaces. Nonetheless, the platform does not deal in fiat currencies, which has been one major complaint by many users. However, the platform has minimal fees, which many investors have celebrated.