Gate Group Set to Apply for New Crypto License in Hong Kong and Launch New Unit

Gate Group, the owner of crypto exchange Gate.io, is eyeing the expansion of its presence in Hong Kong. The group plans to apply for a new crypto license in the city, which will enable it to establish a new platform - Gate HK, focused on the local market.

Shortly before, the Singapore-based crypto trading platform Huobi ​also unveiled its plan to secure a crypto trading license in Hong Kong, and launch a new branch in the city, named Huobi Hong Kong.

Last August, Hippo Financial Services Limited, the Hong Kong-based subsidiary of Gate Group, has secured its its Trust or Company Service Provider (TCSP) licence. The license allows the company to offer virtual asset custodial services to global clients.

"Very excited about Hong Kong. Having obtained the TCSP License in HK, Gate Group is also preparing for a crypto license and fine-tuning Gate HK, a new platform tailored to serve HK's growing crypto market, stay tuned," tweeted Dr. Han Lin, Founder of Gate Group.

"Hong Kong is a global strategic market for Gate Group, not only because Hong Kong is the hub for many financial institutions and investors, but more importantly, the industry-leading regulatory regime of Hong Kong helps boost confidence for the whole industry and provides additional stability for investors." Dr. Lin Han added.

Additionally, in the third quarter of 2022, Gate Group has launched GateTR​, a new crypto exchange tailored to serve Turkey's growing crypto market.