Hong Kong securities firm “Victory Securities”, which has been rooted in Hong Kong for 50 years, has actively entered the field of cryptocurrency in recent years. Today, they further announced the launch of the stock and virtual asset trading app “VictoryX” targeting retail investors, which allows simultaneous trading of stocks and virtual assets.
Background: Hong Kong Victory Securities was approved by the Securities and Futures Commission to “buy and sell cryptocurrencies” and provide investment portfolio services to customers.
The article reports that Victory Securities, a well-known traditional securities firm in Hong Kong that has been providing virtual asset trading services since March last year and obtained approval from the Hong Kong Securities and Futures Commission in October, announced the launch of the first stock and virtual asset trading app for retail investors in Hong Kong, “VictoryX”. The app allows users to buy and sell Hong Kong stocks, US stocks, and cryptocurrencies all in one place.
According to reports from Hong Kong Economic Daily and on.cc East Net, Chan Pui Kuen, Executive Director and third-generation successor of Victory Securities, stated that the app has been connected to two licensed virtual asset trading platforms, HashKey and OSL, which allow retail investors to trade virtual assets in compliance.
As the first securities firm in Hong Kong approved by the Securities and Futures Commission to accept “currency in and out” from users, Victory Securities expects that by the end of April, users will be able to deposit and withdraw cryptocurrencies without converting them into cash, allowing investors to execute trades at better prices by buying on one exchange and selling on another, in addition to trading virtual assets on the aforementioned virtual asset trading platforms.
Chan said that Victory Securities has invested millions of Hong Kong dollars to develop VictoryX. They officially submitted a license upgrade application to the Securities and Futures Commission at the end of last year to expand their services from professional investors to retail investors. He expects that other industry players will launch apps supporting the trading of stocks and cryptocurrencies in the future, but believes that Victory Securities has obtained regulatory approval earlier and can enjoy a few months of first-mover advantage.
In addition, Chan Pui Kuen added that retail investors who want to trade stocks and virtual assets simultaneously on the app need to open a traditional securities account on the app and deposit HKD 10,000 as required by the Securities and Futures Commission. They also need to undergo Know Your Customer (KYC) procedures and a virtual asset knowledge assessment.
He also promised that if more platforms are approved in the future, they will strive to “connect all compliant exchanges”.
In other news, Sing Tao Daily reported today that the Hong Kong Securities and Futures Commission is expected to announce the list of qualified Bitcoin spot ETFs as early as next Monday. Among them, ETFs issued by CSOP, Huatai Fund, Bosera Fund, and Wisdom Financial are included in the list, and these ETFs are expected to be listed as early as April 25.
Regarding the milestone of the upcoming Bitcoin spot ETF listing in Hong Kong, Chan Pui Kuen believes that compared to the requirement for cash subscription and redemption for Bitcoin spot ETFs in the United States, Hong Kong regulators will allow physical subscription and redemption, which is advantageous for virtual asset investors.
Chan Pui Kuen also mentioned that after the Bitcoin spot ETF is listed in Hong Kong, VictoryX will also launch related products to meet investors’ needs. He further stated that in the future, the company may consider involving OTC business, ETF issuance and trading-related businesses, stablecoins, and STOs (Security Token Offerings).
When asked about the progress of the license application for their virtual asset trading platform VDX, Chan Pui Kuen optimistically said that the progress is good and hopes to have good news within this quarter or the next quarter.
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