Victory Securities, a Hong Kong-based crypto broker, has announced plans to launch structured products for professional investors by the end of the year.
In a blog post published on November 4, 2024, the broker revealed that it had obtained regulatory approval from the Securities and Futures Commission, making it the first licensed broker in Hong Kong authorized to market and distribute cash-settled virtual asset structured products to professional investors.
These structured products are designed to generate customized returns by leveraging the performance of specific cryptocurrencies or a mix of them. They cater to investors seeking potentially higher returns and strategic opportunities like arbitrage.
Kennix Chan, Executive Director at Victory Securities, noted the significance of this regulatory milestone, stating,
“The regulatory approval for Victory Securities to market virtual asset structured products marks a significant advancement for Hong Kong in developing a comprehensive virtual asset ecosystem.”
This move aligns with Hong Kong’s broader efforts to enhance its crypto-friendly environment. During Hong Kong Fintech Week on October 28, Christopher Hui, Secretary for Financial Services and the Treasury, revealed plans to expand tax concessions for privately offered funds and family offices to include crypto assets. Expected by year-end, this legislative initiative aims to reduce tax burdens for residents and encourage further growth in the digital asset market.
Also, ZA Bank recently announced that itt has started a sandbox trial for a new virtual asset trading service targeted at select retail customers. The Hong Kong-based digital bank cited a survey showing 75% of local retail investors are interested in crypto trading, with a strong interest in spot or futures crypto ETFs and licensed virtual asset platforms. It also revealed plans to launch its mobile app after the trial. Though an official launch date remains unconfirmed, the bank noted that moves are part of its mission of making global virtual asset markets more accessible to Hong Kong’s retail investors.
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