Yunfeng Financial, a Hong Kong-listed company, has announced its efforts to enter the Web3 domain by applying for an upgrade of its Type 1, 4, and 9 licenses from the Hong Kong Securities and Futures Commission. Upon approval, the company will be authorized to offer services related to virtual asset trading and manage investment portfolios containing virtual assets. Web3 technology is considered the next phase of the internet, providing users greater autonomy and facilitating the use of digital assets such as cryptocurrencies and NFTs, which are integral to this emerging digital economy. Yunfeng Financial’s move is seen as an expansion of its modern financial services offerings.
In Hong Kong, virtual asset trading is strictly regulated, and no company can provide such services without approval from the Securities and Futures Commission. Yunfeng Financial’s application for a license upgrade indicates its intention to legally enter the Web3 sector. If approved, the company will not only strengthen its presence in Hong Kong but also enhance its position in the global financial market, offering investors increased opportunities to invest in virtual assets. However, market volatility and regulatory changes in the virtual asset space may present challenges. This development reflects the growing importance of Web3 and digital assets among global financial institutions, potentially signaling new trends in future financial services.
Source: binance
