Victory Securities Becomes First Traditional Securities Firm in Hong Kong Approved for Retail Cryptocurrency Trading
In a groundbreaking move for the financial industry in Hong Kong, Victory Securities (stock code: 8540.HK), a company rooted in the region for 50 years, has secured a significant milestone. The Hong Kong Securities and Futures Commission (SFC) has officially granted Victory Securities approval to offer virtual asset trading and advisory services to retail investors. This marks the first instance in Hong Kong’s history where a traditional securities firm has been permitted to introduce cryptocurrency trading to retail investors.
This pivotal development not only signifies a significant milestone for Victory Securities but also heralds new opportunities for the development of Hong Kong’s cryptocurrency trading ecosystem. It showcases a determination to integrate virtual assets into the traditional financial framework while providing retail investors with compliant and secure means to engage with this rapidly evolving asset class. Furthermore, it underscores Hong Kong’s commitment to establishing itself as an international hub for virtual asset transactions.
Mr. Chen Peiquan, the Executive Director of Victory Securities, expressed his delight, stating, “We are thrilled to once again gain recognition from the SFC, reclaiming the title of ‘first.’ This year, securing several ‘firsts’ in the realm of virtual assets has allowed us to seize the initiative, accumulating operational experience within this industry. By becoming the ‘first’ once more, we can offer investors a breadth of choices in compliant investment opportunities, leveraging our rich business experience.”
According to the company’s data, the third-quarter virtual asset trading volumes and new customer numbers have more than doubled compared to previous periods, underscoring investors’ keen interest in virtual asset trading services. To encourage new clients to opt for compliant and secure virtual asset trading services, Victory Securities plans to introduce multiple incentives. Additionally, they will unveil the “Buy Stocks, Buy Coins, Equally Simple” scheme, allowing clients to experience an integrated platform for both virtual assets and securities services.
Victory Securities aims to bridge traditional finance with virtual assets, enabling clients to flexibly allocate their assets while providing investment advice and releasing pertinent research reports on virtual assets to the general investor community. Moreover, the company is dedicated to investor education, enhancing understanding of virtual assets, and actively promoting the democratization of virtual asset investments. Collaborating with regulatory bodies, they strive to collectively build Hong Kong into a robust, secure, and sustainable virtual asset trading center.
The approval granted to Victory Securities by the SFC marks a significant leap in Hong Kong’s financial evolution, where traditional institutions are adapting to the evolving landscape of virtual assets while ensuring compliance and security for retail investors. This move is poised to reshape the investment landscape, offering investors a broader array of options and bolstering Hong Kong’s position in the global financial arena.
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