Gate Group, the parent company of the Gate.io crypto exchange, becomes the latest to apply for a license in Hong Kong. The firm joins Huobi Global, OKX, and Bitget, seeking approval in the regime due to crypto-friendly policies. Gate.io decided Hong Kong’s financial secretary, Paul Chan, confirmed the allocation of $6.4 million for Web3 developments in its annual budget speech for 2023-2024.
Almost all jurisdictions have been restructuring their crypto regulation following the FTX aftermath. In this slew, many regulators have been introducing tougher crypto regulations, considering misappropriate management of crypto companies that recently filed for insolvency and caused investors to lose their funds, including FTX.
Meanwhile, Hong Kong welcomes worldwide crypto firms to settle in and make the city a crypto hub. Initially, Hong Kong proposed a new licensing regime allowing crypto exchanges to serve retail investors. The government has allocated 50 million Hong Kong dollars ($6.4 mi
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