Feb 23, 2023
Gate Group Launches Gate HK to Tap Into Hong Kong’s Crypto Market
Cryptocurrency exchange Gate.io is planning to expand into Hong Kong following the local government’s injection of $6.4 million (50 million Hong Kong dollar) into the Web3 space. The firm has announced that it will apply for a crypto license in Hong Kong, allowing it to launch “Gate HK”.
The news follows the announcement from Hong Kong’s financial secretary, Paul Chan, in his Feb. 22 budget speech. Chan said Web3 has “huge potential” and the Special Administrative Region of China must keep pace with its “continuous development”.
The funds will be used to promote the Web3 ecosystem, with international seminars, business cooperation and workshops for young people. Gate Group’s founder, Dr. Han Lin, said Hong Kong is a “global strategic market” and a “hub” due to its “industry-leading regulatory regime”.
On Feb. 20, Hong Kong announced a new licensing regime and a proposal to allow retail traders access to licensed crypto platforms. Chan said he “will establish and lead a task force” on virtual asset development made up of members from financial regulators, market participants and “relevant policy bureaux”.
The task force will provide recommendations on the sustainable and responsible development of the sector. Hong Kong started its push to gain status as a global crypto hub in October 2022 with its crypto-friendly policy frameworks.
The city is hoping to attract businesses due to its own laws and governance, which are in contrast to China’s crypto ban. It is reported that officials in Beijing are quietly backing the region’s crypto ambitions.
Gate.io is one of the first exchanges to take advantage of this opportunity and plans to provide a range of services, such as NFT marketing, NFT promotion, Twitter NFT marketing, and NFT marketing agency services. The firm will also offer a web3 agency to help its customers sell NFTs.
The company is confident that this move will help it gain a foothold in the Web3 space, providing them with a platform to reach more customers and expand their business.
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