Gate.io to make Hong Kong Web3 Debut
Gate Group, the parent company of renowned crypto exchange Gate.io, has reportedly applied for a new cryptocurrency license in Hong Kong. The crypto license will enable the group to launch its presence in the city through "Gate HK", a new platform dedicated to Hong burgeoning crypto market.
Gate.io joins a growing waiting list of prominent cryptocurrency exchanges that have applied for crypto trading licenses in Hong Kong. The list includes market leaders like Huobi Global, OKX, and Bitget.
Gate.io joins a growing waiting list
The announcement is hot on the heels of a statement that the local government was injecting at least $6.4 million into the city's Web3 ecosystem under the 2023-2024 budget.
The government will use the Web3 budget to organize seminars, arrange workshops to educate the public, and encourage business cooperation. In his budget speech, the city's financial secretary, Paul Chan, confirmed the Web3-related funding and creation of a crypto task force.
According to Chan, several companies were considering opening shop across the city owing to the friendly crypto regulation. He reiterated the importance of keeping up with the times and seizing the opportunity to spearhead innovation development.
Dr. Han Lin, the founder of the Gate Group, is on record referring to Hong Kong as a digital asset hub and global strategic market because of its crypto industry-leading regulatory regime.
Hong Kong’s Securities and Futures Commission (SFC) announced on 20 February that it was already collecting public opinions on plans to regulate the crypto industry effective from June this year. Chan stated that the task force he will lead would comprise market participants and financial regulators, who will offer recommendations on the sustainable and responsible development of the crypto sector.
Access to an extensive library of cryptocurrencies
Founded in 2013 and headquartered in the Cayman Islands, Gate.io is a leading cryptocurrency exchange giving users access to a comprehensive library of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and many others. The platform also offers numerous trading options, including futures, margin, and spot trading.
Users relish the exchange’s intuitive, user-friendly interface that presents an array of tools that helps them analyze market trends to make educated trading decisions. Gate.io boasts robust security measures, including cold storage for user funds, two-factor authentication, and 24/7 customer support.
As more players line up to enter Hong Kong’s crypto space because of the government’s intervention, it is hoped the move will open the space further, create more jobs, and improve the economy.
Tom is a freelance writer with over 15-years’ experience in content creation, blog writing, and SEO specializing in the blockchain and cryptocurrency niche. He is a philosophical figurehead who believes that to make our world a better place, we must invest in incorruptible products and procedures, of which Bitcoin and other cryptocurrencies are leading examples.