Future FinTech Subsidiary to Apply for Hong Kong VASP License.

Future FinTech Group Inc. has signed a commission agreement with a Hong Kong compliance consultant to apply for a Type 1 Virtual Asset Service Provider license and a Type 9 Asset Management License from the Securities and Futures Commission. The consultant will help review the company's business model and risk management capabilities, and assist in preparing application materials and a business plan. This builds upon Future FinTech's existing Hong Kong licenses.

Future FinTech Group Inc. (FTFT), a comprehensive financial and digital technology service provider, has taken a significant step towards expanding its financial services portfolio by signing a commission agreement with a renowned Hong Kong compliance consultant. The agreement aims to facilitate the application for a Type 1 Virtual Asset Service Provider (VASP) license and a Type 9 Asset Management License from the Securities and Futures Commission (SFC) of Hong Kong. This move builds upon Future FinTech's existing Hong Kong licenses, Type 1, 2, and 4.

The compliance consultant will conduct a comprehensive review of Future FinTech's business model and risk management capabilities. Additionally, the consultant will assist in preparing application materials and a business plan for submission to the SFC. The Hong Kong VASP license covers services related to virtual assets, such as cryptocurrency trading through electronic facilities. This expansion marks a strategic step for the company in embracing the emerging fintech sector.

Future FinTech's subsidiary, Future International Securities and Futures Limited (Future Securities), has a strong reputation in traditional financial services. Founded in 2010, the firm has gained the trust of investors through its high-quality services and exceptional performance. The company's professional team comprises seasoned financial experts with deep market insight and robust risk management capabilities, offering diversified financial products and services including stocks, bonds, and funds.

The rapid growth of the global virtual asset market has attracted significant attention, driving continued expansion. Hong Kong, as an international financial hub, features a strong regulatory framework and a well-developed market, making it an ideal location for Future Securities to establish a virtual asset business. The SFC's proactive and open approach to overseeing and fostering the growth of virtual assets further supports this expansion.

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 provide clients with diversified investment options and enhance the company's market competitiveness and industry presence. Future Securities will adhere to all regulatory requirements set by the SFC, establishing robust risk management systems and compliance mechanisms to ensure stable growth of its virtual asset operations while safeguarding investors' rights and interests.

Future FinTech's CEO, Mr. Hu Li, commented on the strategic move, stating, "Future Securities' application for upgrading its Hong Kong VASP license represents not only a key strategic move for our development but it also highlights the Hong Kong financial market's forward-thinking and openness as regards the virtual asset sector." He further noted 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 will actively 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
[2] https://www.marketscreener.com/news/ftft-announces-its-formal-application-for-a-vasp-license-in-hong-kong-to-vigorously-expand-into-the-ce7c5ed2de8bf723