The Securities and Futures Commission (SFC) has approved Hong Kong investment company Victory Securities (8540) to provide cryptocurrency services to retail customers.Victory Securities said in a statement on Friday that it is the first authorized company to provide retail investors with cryptocurrency trading and advising services. It now works with crypto-native companies OSL Digital Securities and HashKey Exchange.
In an indication that the cryptocurrency economy is moving eastward and that Asian countries provide more certainty for businesses than they may find abroad, like the U.S., Hong Kong earlier this year established a legislative framework allowing the offering of bitcoin services to civilian investors.
Victory is an application on the SFC’s list of virtual asset trading companies.By press time, CoinDesk has not heard back from the SFC after contacting them for clarification.