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HKbitEX Receives Provisional Approval for Virtual Asset Trading Platform License in Hong Kong | IDOs News

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HKbitEX, a subsidiary of Tykhe Capital, has been granted a Type 1 regulated activity license and a Type 7 regulated activity license for its virtual asset trading platform, making it the first fully licensed digital financial group under the new licensing regime. This marks HKbitEX’s commitment to regulatory compliance and investor protection.

HKbitEX, a digital asset trading group based in Hong Kong, has obtained provisional approval from the Hong Kong Securities and Futures Commission (SFC) for its virtual asset trading platform (VATP). The approval includes a Type 1 regulated activity license for securities trading and a Type 7 regulated activity license for the provision of automated trading services.

This milestone makes HKbitEX, a subsidiary of Tykhe Capital, the first digital financial group to receive a full license under the new virtual asset trading platform licensing regime. The company will offer automated trading and over-the-counter services for virtual assets such as Bitcoin and Ethereum, as well as compliant fiat currency deposit and withdrawal services.

In addition to its current offerings, HKbitEX plans to provide automated trading services for its security tokens once it obtains approval from the SFC for tokenization. This move aims to further enhance the convenience, efficiency, and regulatory compliance of Hong Kong’s financial technology market.

HKbitEX’s sister company, Pioneer Asset Management Limited, became the first company to receive approval from the SFC for fund tokenization last year. The company successfully launched Hong Kong’s first tokenized commercial real estate fund in September, demonstrating its commitment to innovation in the tokenization space.

The provisional approval for HKbitEX’s VATP license signifies the company’s compliance with regulatory requirements in areas such as internal controls, anti-money laundering measures, system security, and investor protection. It also highlights the importance of virtual asset trading platforms in the evolving digital financial landscape.

Dr. Gao Han, Chairman of Tykhe Capital and CEO of HKbitEX, expressed his excitement about the license approval, stating that it marks a significant milestone for HKbitEX in terms of internal controls, compliance, and investor protection. He also emphasized the company’s commitment to building a compliant and stable ecosystem for stablecoins in Hong Kong, which will further enhance trading efficiency and reduce settlement risks.

HKbitEX is dedicated to pursuing a compliant and secure development path, collaborating with its parent company and other subsidiaries to develop financial services closely aligned with the local economy. The company aims to capitalize on emerging growth areas in Hong Kong, such as innovative technologies, real estate, pharmaceutical research and development, intellectual property rights, and renewable energy. Its ultimate goal is to establish Hong Kong as an international asset management center in the new Web3 era.

Under the virtual asset trading platform licensing regime, which came into effect on June 1, 2023, all platforms operating virtual asset businesses in Hong Kong or marketing services to Hong Kong investors are required to obtain licenses from the SFC. The SFC announced on March 1, 2024, that the application period for transitional arrangements had ended, and platforms that did not receive licenses or transitional arrangements must cease operations in Hong Kong by May 31, 2024.

Tykhe Capital Group Limited, also known as Tykhe Capital, is a digital financial group focused on tokenized assets. The group provides end-to-end tokenized asset services, including a virtual asset trading platform, capital markets and wealth management, and Web3 SaaS and technology development. These business segments are supported by subsidiary companies that operate under regulatory oversight and compliance.

The virtual asset trading platform business is operated by HKbitEX, a subsidiary of Tykhe Capital. The capital markets and wealth management business are operated by Pioneer Asset Management Limited (Pioneer) and ON1ON Custody. Pioneer is a licensed asset management company and the first company to receive approval from the SFC for fund tokenization. It is authorized to manage portfolios with up to 100% virtual assets and provide investment advice on virtual asset investments. ON1ON Custody is a licensed trust or company service provider (TCSP) regulated by the Hong Kong Companies Registry. ON1ON Custody has obtained the Service Organization Control (SOC) 2 certification established byFull Text:

HKbitEX, a subsidiary of Tykhe Capital, has received provisional approval from the Hong Kong Securities and Futures Commission (SFC) for its virtual asset trading platform (VATP). The approval includes a Type 1 regulated activity license for securities trading and a Type 7 regulated activity license for the provision of automated trading services.

This milestone makes HKbitEX the first fully licensed digital financial group under the new virtual asset trading platform licensing regime in Hong Kong. The company will offer automated trading and over-the-counter services for virtual assets such as Bitcoin and Ethereum, as well as compliant fiat currency deposit and withdrawal services.

In addition to its current offerings, HKbitEX plans to provide automated trading services for its security tokens once it obtains approval from the SFC for tokenization. This move aims to further enhance the convenience, efficiency, and regulatory compliance of Hong Kong’s financial technology market.

HKbitEX’s sister company, Pioneer Asset Management Limited, became the first company to receive approval from the SFC for fund tokenization last year. The company successfully launched Hong Kong’s first tokenized commercial real estate fund in September, demonstrating its commitment to innovation in the tokenization space.

The provisional approval for HKbitEX’s VATP license signifies the company’s compliance with regulatory requirements in areas such as internal controls, anti-money laundering measures, system security, and investor protection. It also highlights the importance of virtual asset trading platforms in the evolving digital financial landscape.

Dr. Gao Han, Chairman of Tykhe Capital and CEO of HKbitEX, expressed his excitement about the license approval, stating that it marks a significant milestone for HKbitEX in terms of internal controls, compliance, and investor protection. He also emphasized the company’s commitment to building a compliant and stable ecosystem for stablecoins in Hong Kong, which will further enhance trading efficiency and reduce settlement risks.

HKbitEX is dedicated to pursuing a compliant and secure development path, collaborating with its parent company and other subsidiaries to develop financial services closely aligned with the local economy. The company aims to capitalize on emerging growth areas in Hong Kong, such as innovative technologies, real estate, pharmaceutical research and development, intellectual property rights, and renewable energy. Its ultimate goal is to establish Hong Kong as an international asset management center in the new Web3 era.

Under the virtual asset trading platform licensing regime, which came into effect on June 1, 2023, all platforms operating virtual asset businesses in Hong Kong or marketing services to Hong Kong investors are required to obtain licenses from the SFC. The SFC announced on March 1, 2024, that the application period for transitional arrangements had ended, and platforms that did not receive licenses or transitional arrangements must cease operations in Hong Kong by May 31, 2024.

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Binance Futures Introduces Updates to Taker Program, Offering Fee Discounts | IDOs News

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Binance Futures, the futures trading platform of cryptocurrency exchange Binance, has recently unveiled updates to its Taker Program. These updates aim to offer enhanced benefits to eligible users who engage in trading activities on the platform.

Effective from April 30, 2024, at 00:00 (UTC), eligible users will be able to enjoy a taker fee discount of up to 20% on eligible USDT-margined perpetual and delivery contracts. Additionally, users can take advantage of a promotional taker fee rate of 0.0136% when trading eligible USDC-margined perpetual contracts. This promotional fee rate will be available until July 1, 2024, at 23:59 (UTC).

To participate in the Taker Program, users must reach a total futures trading volume of 100,000,000 USDT equivalent within the last 30 days. Once eligible, users can submit an application for the program at any time. The assessment for eligibility will be conducted during the weekly review of the Taker Program.

Users who have previously applied for the Taker Program are not required to resubmit the application form. Their eligibility will be assessed automatically. The taker fee discount and promotional fee rate will become effective on the following Tuesday at 00:00 (UTC) after the weekly review.

Based on their weekly trading volume and volume share on BTC and ETH pairs, users can qualify for higher taker fee discounts on eligible USDT-margined perpetual and delivery contracts. The table below provides an overview of the fee tiers and their corresponding discounts.

It is important to note that from March 26, 2024, at 00:00 (UTC) to July 1, 2024, at 23:59 (UTC), users who qualify for the Taker Program and achieve a minimum 0.5% weekly taker volume share on USDC-margined perpetual contracts will receive a fee tier upgrade one level higher than their actual qualification. Alternatively, users can qualify for a higher fee tier and corresponding taker fee discount on eligible USDT-margined perpetual and delivery contracts based on their weekly trading volume and volume share on BTC and ETH pairs.

To illustrate, let’s consider User A, who achieves a weekly taker volume of 3,500M USDT equivalent, a 2% weekly taker volume share on BTC and ETH pairs, and a 0.4% weekly taker volume share excluding BTC and ETH pairs on USD‚ìà-M perpetual and delivery contracts from April 22, 2024, at 00:00 (UTC) to April 28, 2024, at 23:59 (UTC). Based on their weekly USD‚ìà-M futures taker volume share on BTC and ETH pairs, User A qualifies for Fee Tier 3.

Consequently, User A will enjoy a 20% taker fee discount on trades made on USDT-margined perpetual and delivery contracts starting from April 30, 2024, at 00:00 (UTC)to July 29, 2024, at 23:59 (UTC). Furthermore, User A will also benefit from the promotional taker fee rate of 0.0136% when trading eligible USDC-margined perpetual contracts during the same period.

Binance Futures continues to enhance its trading experience by providing users with fee discounts and promotional offers through the Taker Program. These updates aim to incentivize traders and provide them with a competitive advantage in the cryptocurrency futures market.

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USA and Nigeria to Discuss Digital Economy and AI Advancements for Economic Growth | IDOs News

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The United States of America (USA) and Nigeria are poised to explore potential partnership opportunities in the digital economy, emerging technology, and the advancement of artificial intelligence (AI). The discussions aim to strengthen economic ties between the two countries and foster deeper collaborations in these areas.

The Deputy Chief of Mission at the U.S. Embassy, Mr. Arthur Brown, announced that high-level U.S. government officials will be in Abuja for a conference under the auspices of the U.S.-Nigeria Bi-National Commission. The conference will provide a platform for both countries to discuss the digital economy, emerging technology, and AI advancements.

During the closing ceremony of a four-day Workshop on National Artificial Intelligence Strategy in Abuja, Mr. Brown highlighted the importance of fostering partnerships and working together to drive robust, resilient, and inclusive economic growth. The United States is ready to work with Nigeria as equal partners in various areas, including talent development, infrastructure, research, and innovation. Mr. Brown also commended Nigeria for its support on the adoption of a landmark United Nations resolution on AI and pledged the U.S. government’s continued partnership with Nigeria on the economy.

Nigeria has shown a growing commitment to AI and emerging technologies in recent years. In November 2020, the country established the National Centre for Artificial Intelligence and Robotics (NCAIR), the first of its kind in Africa, marking a major moment for state-level commitment to AI. The NCAIR was established in line with Nigeria’s National Digital Economy Policy and Strategy 2020 – 2030, which listed AI as one of the eight pillars of the country’s digital economy.

Since the establishment of the NCAIR, AI has featured more prominently in government policy efforts. The NCAIR launched programs to equip children with coding and machine learning skills, making them conversant with AI and other emerging technologies. The Nigerian government has also directed the Nigerian Communications Commission (NCC) to provide AI research grants to tertiary institutions to drive innovation and improve economic resilience.

In March 2023, Nigeria drafted a National AI policy, co-created by the National Information Technology Development Agency and industry experts, to further strengthen its AI commitment. The country has also launched initiatives like the 3 million Technical Talents (3MTT) program and the Nigeria Artificial Intelligence Research Scheme (NAIRS) to train young people in AI and support AI startups and researchers.

The upcoming discussions between the USA and Nigeria present an opportunity for both countries to share knowledge, expertise, and best practices in the digital economy, emerging technology, and AI advancements. By aligning AI governance and ensuring safe, secure, transparent, and trustworthy AI deployment, the partnership aims to drive economic growth and innovation in both nations.

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IRS Introduces New Form 1099-DA for Reporting Income from Digital Asset Transactions | IDOs News

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A preview of the new Form 1099-DA, a tax form that will be used by cryptocurrency brokers to record transactions involving digital assets, has been made available by the Internal Revenue Service (IRS) of the United States of America. As part of the continuous efforts of the Internal Revenue Service (IRS) to enhance compliance and guarantee that taxpayers appropriately report their income from digital assets, this form has been developed.

By the beginning of the year 2025, it is anticipated that Form 1099-DA will be in use. Brokers will be responsible for preparing this form for each client who sells or trades digital assets. According to the form, brokers will be required to disclose certain information, which may include token codes, wallet addresses, and places where blockchain transactions are taking place. It will be possible for the Internal Revenue Service to identify taxpayers who have transactions that may be difficult to detect via standard ways of information reporting if this level of reporting is implemented.

It is clear that the Internal Revenue Service is committed to resolving the tax consequences of transactions involving digital assets, as seen by the issuance of Form 1099-DA. According to the Internal Revenue Service (IRS), the purpose of mandating that brokers record these transactions is to guarantee that taxpayers correctly report their income and pay the required taxes on their activities involving digital assets.

The rising significance of cryptocurrencies, nonfungible tokens (NFTs), and stablecoins in the financial landscape is reflected in the decision made by the Internal Revenue Service (IRS) to list these digital assets as reportable assets on Form 1099-DA. Having a comprehensive grasp of the digital asset transactions that taxpayers engage in is very necessary for the authorities in charge of taxation, given the continued growth in popularity and utilisation of cryptocurrencies.

Among the crucial data elements that are captured by the draft form are the date of acquisition, the date of sale, the proceeds, and the cost basis of the crypto assets that were sold. For taxpayers to correctly submit their cryptocurrency tax filings, it is vital for them to have these information. Furthermore, the form has a checkbox labelled “unhosted wallet provider,” which serves as an indication that the Internal Revenue Service intends to include unhosted wallets within the definition of a broker. When generating unhosted wallets or engaging with platforms using unhosted wallets, users may be required to give know-your-customer (KYC) information as a result of this shift.

Despite the fact that the draft form offers helpful insights into the reporting requirements, it is essential to keep in mind that it may be subject to modifications as a result of the input that would be received during the comment period. Through its website, the Internal Revenue Service (IRS) welcomes members of the public to provide feedback on draft or final versions of forms, instructions, or publications.

As a conclusion, the issuance of Form 1099-DA by the Internal Revenue Service represents an important milestone in the process of regulating and reporting revenue from transactions involving digital assets. Through the requirement that brokers record these transactions, the Internal Revenue Service (IRS) hopes to promote compliance and guarantee that taxpayers appropriately report the income they get from digital assets. In order to prevent possible fines or audits, it is essential for taxpayers to be knowledgeable about their reporting responsibilities for digital assets, since the landscape of digital assets continues to undergo continuous change.

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