Victory Securities has unveiled its intention to launch related products and services, enabling stablecoin holders to make relatively stable profits through a broker’s account. This new plan will be the first for the firm to bring additional yield for stablecoin users with additional accolades of the money market available via the firm’s VictoryX mobile application.
The products and services are expected to be rolled out by year-end for the designated products and services. Kennix Chan, the Executive Director of Victory Securities, noted that no corresponding investment opportunities were recognized by the Hong Kong government to provide a strategic plan in the virtual asset market.
“It is a major step forward for Hong Kong to establish an extensive virtual asset ecosystem as the regulatory green light for Victory Securities to market virtual asset structured products,” Chan said.
Victory for Hong Kong’s Crypto Scene: SFC Announces Licensing and Consultation Initiatives
It follows recent pledges from the Hong Kong Securities and Futures Commission. On October 28, Eric Yip, Executive Director for Intermediaries at the SFC, nodded to releasing a final list of crypto exchanges for the full license by the end of December.
Moreover, the SFC has proposed to set up a consultation mechanism to assist licensed exchanges in their operation; the aim of implementing this mechanism is expected by the first half of 2025.
On the same day, the Hong Kong Exchanges and Clearing Limited also announced the intention to launch the Virtual Asset Index Series, which will be listed from November 15th, 2024; thus, there have been continuous changes in the virtual asset environment in Hong Kong.
This news is republished from another source. You can check the original article here
