Victory Securities would be the first licensed Hong Kong crypto dealer to launch cash-settled digital asset structured merchandise to skilled traders.
In a press launch printed on Nov. 4, Victory Securities introduced its plans to launch digital asset structured merchandise for skilled traders by the tip of this 12 months.
The agency obtained approval from the Securities and Futures Fee to advertise and promote cash-settled digital asset structured merchandise to traders, making Victory the primary licensed dealer in Hong Kong to supply such merchandise.
Digital asset structured merchandise grant traders the chance to realize larger returns, relying on particular market situations. They may even have the ability to handle dangers associated to market volatility and digital asset structured merchandise.
Final 12 months, Victory Securities shared the information that it secured approval from the Hong Kong SFC to supply digital asset buying and selling and consulting companies to retail traders.
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Moreover, Victory may even begin providing designated services and products to stablecoin holders via the dealer’s account to earn comparatively secure returns via sure services and products.
Beforehand, purchasers can already cash market funds via the VictoryX cell software, however that is the primary time the agency is providing to facilitate stablecoin holders with incomes additional yield.
Each merchandise are anticipated to launch by the tip of this 12 months.
Government Director of Victory Securities, Kennix Chan, said that for the time being, Hong Kong doesn’t have many choices for strategic funding merchandise which might be regulated by the federal government, particularly within the digital asset funding market.
“The regulatory inexperienced mild for Victory Securities to market digital asset structured merchandise signifies an essential step ahead for Hong Kong to construct a complete digital asset ecosystem,” mentioned Chan.
On Oct. 28, Eric Yip, Government director for intermediaries on the SFC, mentioned the Hong Kong SFC vowed to ship the ultimate listing of crypto exchanges at will obtain full licenses by the tip of the 12 months.
As well as, Hong Kong regulators will kind a session panel for the licenses exchanges to take care of cooperation efforts set to function by early 2025.
On the identical day, the Hong Kong Exchanges and Clearing Restricted introduced plans to launch a Digital Asset Index Collection on Nov. 15 2024.
Learn extra: Hong Kong considers tax break on crypto investments and utilizing AI for finance
