Hong Kong’s Securities and Futures Commission (SFC) has granted a license to Victory Fintech to operate in the cryptocurrency sector, marking the first such approval since June. This development is seen as a significant step forward for Hong Kong’s rapidly growing crypto and blockchain market. The regulatory framework in Hong Kong remains stringent to ensure consumer protection and prevent financial crimes, with the SFC maintaining a robust licensing process that enhances market transparency and trust. With this license, Victory Fintech can legally trade crypto assets and offer related services in Hong Kong, potentially expanding its business and boosting investment and activity in the local crypto market. Regulatory approval is considered a key milestone in the crypto industry as it reduces market uncertainty and bolsters investor confidence, though risks such as price volatility and cybersecurity threats persist. Looking ahead, other crypto players in Hong Kong may seek regulatory approval, which could further expand and increase competition in the market. Consumers and investors are advised to engage only with authorized and legitimate companies to avoid financial losses.
Source: coindesk
