Hong Kong-based investment firm Victory Securities has obtained approval from the Securities and Futures Commission (SFC) to offer cryptocurrency trading and advisory services to retail investors. This marks a significant milestone for the company, as it becomes the first licensed corporation to provide such services in Hong Kong.
The SFC’s approval comes amidst a growing demand for crypto services among retail investors in Hong Kong. Earlier this year, the SFC introduced a regulatory framework for virtual asset trading, paving the way for licensed institutions to offer crypto services to retail clients. This move reflects Hong Kong’s proactive approach towards integrating cryptocurrencies into its financial landscape.
Victory Securities joins a handful of other crypto-native firms, including HashKey Exchange and OSL Digital Securities, in offering crypto services to retail investors in Hong Kong. The company’s expertise in traditional financial markets, combined with its newly acquired crypto license, positions it well to cater to the evolving needs of modern investors. With the SFC’s approval, Victory Securities is now authorized to provide a range of cryptocurrency investment opportunities to its retail clients. This includes access to Bitcoin and Ethereum, the two most prominent cryptocurrencies by market capitalization. The company also plans to offer additional cryptocurrencies and services in the future, subject to regulatory approval.
The SFC’s decision to grant Victory Securities a crypto license is indicative of Hong Kong’s commitment to fostering a regulated and compliant crypto ecosystem. As the cryptocurrency market continues to mature, Hong Kong is poised to play a leading role in its development and adoption.