Future FinTech Expands into Virtual Asset Sector with Hong Kong VASP License Application.

Future FinTech Group Inc. has announced its application for a Hong Kong Virtual Asset Service Provider (VASP) license through its subsidiary Future International Securities and Futures Limited. The license will enable the company to provide cryptocurrency trading services through electronic facilities, marking a significant expansion of its financial services portfolio. The company has partnered with a compliance consultant to assist in the application process.

Future FinTech Group Inc. (NASDAQ: FTFT) has taken a significant step toward expanding its financial services portfolio by announcing its application for a Hong Kong Virtual Asset Service Provider (VASP) license through its subsidiary, Future International Securities and Futures Limited (Future Securities). This license will enable the company to offer cryptocurrency trading services through electronic facilities, marking a substantial growth in its financial services offerings.

The application was formally submitted by Future Securities, which has already established a strong presence in traditional financial services in Hong Kong. The company's existing licenses, including Type 1, 2, and 4, have been augmented by the addition of a renowned Hong Kong compliance consultant. This consultant will assist Future Securities in applying for a Type 1 VASP license from the Securities and Futures Commission (SFC) of Hong Kong, along with a Type 9 Asset Management License. The VASP license will cover services related to virtual assets such as cryptocurrency trading through electronic facilities.

Future FinTech Group Inc. has recognized the immense potential and vast opportunities in the virtual asset market, which has attracted growing global attention in recent years. Hong Kong, as an international financial hub, offers a strong regulatory framework and a proactive approach to fostering the growth of virtual assets. The company aims to provide clients with more comprehensive and diversified financial services that meet their investment needs.

The application process includes a comprehensive review of Future Securities' business model and risk management capabilities. The company has established a dedicated team to prepare application materials and collaborate with professional legal and compliance advisors to ensure progress. Future Securities has also actively participated in industry seminars and discussions to gain an in-depth understanding of regulatory policies and market trends.

Upon successful acquisition of the VASP license, Future Securities will be authorized to conduct virtual asset-related business within a compliance framework. This development will not only provide clients with diversified investment options but also enhance the company's market competitiveness and industry presence. The company will adhere to all regulatory requirements set by the SFC of Hong Kong and establish robust risk management systems and compliance mechanisms to ensure stable growth of its virtual asset operations while safeguarding investors' rights and interests.

Future FinTech Group Inc. CEO Mr. Hu Li commented, "Future Securities' application for upgrading its Hong Kong VASP license represents a key strategic move for our development and highlights Hong Kong's forward-thinking and openness regarding the virtual asset sector. We believe that with effective regulatory oversight and collaborative efforts from market participants, Hong Kong's virtual asset market will achieve orderly, healthy, and sustainable growth."

Looking ahead, Future Securities plans to explore innovations in the virtual asset field and leverage its strength in traditional finance to build a distinctive virtual asset service platform. The company will continually strengthen its risk management and compliance framework while enhancing service quality and client satisfaction to contribute to the healthy development of Hong Kong's virtual asset market.

References:
[1] https://www.prnewswire.com/news-releases/ftft-announces-its-formal-application-for-a-vasp-license-in-hong-kong-to-vigorously-expand-into-the-virtual-asset-sector-302526150.html