Tonghai Securities Obtains Approval from SFC, Becomes One of the Pioneers to Provide Virtual Asset Related Services in Hong Kong
China Tonghai International Financial Limited (Stock Code: 00952.HK) is pleased to announce that its wholly owned subsidiary China Tonghai Securities Limited ("Tonghai Securities" or "the Company") is now one of the first full-fledged brokerage firms in Hong Kong to provide virtual asset ("VA") dealing and advisory services to the professional investors.
Tonghai Securities has been licensed by the Securities and Futures Commission (SFC) to conduct Type 1 (dealing in securities), Type 4 (advising on securities) and Type 9 (asset management) regulated activities. Pursuant to the regulatory approach outlined in "SFC-HKMA Joint Circular on Intermediaries' Virtual Asset-related Activities", the Company has successfully obtained the SFC's approval for expansion of its business scope to cover (i)distribution of VA-related products; (ii)provision of VA dealing services; and (iii)provision of VA advisory services, subject to additional licensing conditions. .
Mr. Calvin Chiu, Deputy Chief Executive Officer of Tonghai Securities says, "In recent years, VA have been undergoing rapid development. Effectivesupervision is essential to promote investor confidence as well as to support a healthy and long-term development of the industry. The newly approved business scope marks the refreshing beginning of our business. We will take advantage of the new services to expand our presence in the market. In addition to that, we are more focused than ever in our commitment to protect interests of clients by providing safe and reliable services in the VA market."
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