Victory Securities, a brokerage firm rooted in Hong Kong for 50 years, has been actively expanding into the field of cryptocurrency in recent years. Today, it announced the launch of a stock and virtual asset trading app called “VictoryX” targeting retail investors.
Starting from March last year, Victory Securities began offering virtual asset trading services and obtained approval from the Hong Kong Securities and Futures Commission in October. As a well-known traditional brokerage firm in Hong Kong, it is able to manage investment portfolios of virtual assets.
According to reports from Hong Kong Economic Journal and on.cc East Net, Chan Pui Chuen, the executive director and third-generation successor of Victory Securities, stated that the new app has already connected with two licensed virtual asset trading platforms, HashKey and OSL, allowing retail investors to trade compliantly.
As the first brokerage firm in Hong Kong approved by the Securities and Futures Commission to accept “deposits and withdrawals of cryptocurrencies,” Victory Securities expects that by the end of April, users will be able to deposit and withdraw cryptocurrencies without converting them into cash. This will allow investors to execute transactions at better prices, such as buying on one exchange and selling on another, in addition to trading virtual assets on the aforementioned platforms.
Chan mentioned that Victory Securities has invested millions of Hong Kong dollars to develop VictoryX. They officially applied for a license upgrade at the end of last year, aiming to expand their services from professional investors to retail investors. He expects that other industry players will also launch apps supporting the trading of stocks and virtual assets, but believes that Victory Securities has an advantage by obtaining regulatory approval earlier.
In addition, Chan Pui Chuen added that retail investors who want to trade stocks and virtual assets simultaneously on the app need to open a traditional securities account and deposit HKD 10,000 as required by the Securities and Futures Commission. They also need to go through the necessary KYC (Know Your Customer) and virtual asset knowledge assessment.
He further promised that in the future, if more platforms are approved, they will strive to “connect all compliant exchanges.”
In other news, Sing Tao Daily reported today that the Hong Kong Securities and Futures Commission is expected to announce the list of qualified Bitcoin spot ETFs as early as next Monday. Among the list are ETFs issued by CSOP Asset Management, Huatai United Securities, Bosera Funds, and Wells Fargo Securities. The first batch of ETFs is expected to be listed on April 25.
Regarding this milestone of the upcoming Bitcoin spot ETF listing in Hong Kong, Chan Pui Chuen believes that compared to the U.S. Bitcoin spot ETFs, which require cash subscriptions and redemptions, the Hong Kong regulator will allow physical subscriptions and redemptions, which is advantageous for virtual asset investors.
Chan Pui Chuen also mentioned that when the Hong Kong Bitcoin spot ETF is listed, VictoryX will also launch related products to meet the demands of investors. He further stated that in the future, the company may also consider involvement in OTC business, ETF issuance and trading, stablecoins, and STOs (Security Token Offerings), among other things.
When asked about the progress of the company’s application for a license for the virtual asset trading platform VDX, Chan Pui Chuen optimistically stated that the progress is going well and hopes to have good news within this or the next quarter.
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-Chinese state media: Several leading funds in mainland China are applying for Bitcoin spot ETFs in Hong Kong, with the earliest launch expected in Q2.
-Yat Siu, Founder of Animoca Brands: Hong Kong may outperform the United States in launching Ethereum and GameFi token ETFs.
-Not only spot ETFs! The Hong Kong Securities and Futures Commission regulates the custody of virtual assets, requiring private keys to be stored in Hong Kong and customer platform assets to be separated.