Gate Group Joins Financial Regulators in Hong Kong to Discuss Virtual Asset Banking Challenges

On June 19th, Gate Group joined top financial regulators in Hong Kong to discuss banking challenges and opportunities for virtual asset firms in the region. The meeting follows new rules, which went into effect June 1st, permitting individuals to buy or sell virtual assets like Bitcoin and Ether.

Over the past year, Hong Kong authorities have been rolling out new policies and safeguards that allow virtual asset platforms to provide services to individuals, intending to become the global hub for blockchain and virtual asset services. In recent months, Hong Kong’s financial regulators have opened dialogue with the banking and virtual asset sectors to broaden the services available to virtual asset firms.

Edwin Cheung, Business Development Lead of Gate.HK, met with regulators from the Financial Services and the Treasury Bureau, various financial institutions, and other virtual asset firms. Discussions centred around building cooperative solutions that will bring greater banking opportunities to virtual asset platforms operating in Hong Kong, to advance the region’s growing virtual asset sector.

This was the second meeting of a similar purpose since late May when Edwin also met with Financial Secretary Paul Chan and members of the Hong Kong Monetary Authority (HKMA), Securities and Futures Commission (SFC), and Executive Council. Since then, Gate Group announced the launch of Gate.HK and began providing virtual asset services tailored to users based in Hong Kong.

On top of its virtual asset services, Gate Group recently opened its Hong Kong internship program, allowing university students to obtain first-hand experience working in virtual asset services. In addition, Gate Learn, a free blockchain education platform, has participated in several regional events to provide learning opportunities and accelerate the development of Hong Kong’s blockchain industry.

As a well-established international center for traditional finance and a thriving fintech industry, Hong Kong stands to become a global innovation leader in blockchain and virtual assets. Gate Group and its regional entity, Gate.HK, will continue working with Hong Kong authorities, the banking sector, and industry peers to forge a path for comprehensive, compliant, and accessible virtual asset services.