FTFT, a comprehensive digital financial and technology service provider, is expanding its asset management licenses in Hong Kong, including digital assets.

Through its subsidiary in Hong Kong, FTFT signed a contract with a renowned compliance expert to apply for the Digital Asset Service Provider (VASP) license and Type 9 asset management license, aiming to develop its management operations for traditional and digital assets.

MAIN CONTENT

  • FTFT expands its business licenses in Hong Kong with VASP and Type 9.

  • The consulting partner will evaluate the business model and risk management.

  • The goal is to enhance the management capabilities of traditional and digital assets.

What contracts has FTFT signed with consulting experts in Hong Kong?

FTFT International Securities and Futures Co., Ltd, a subsidiary of FTFT in Hong Kong, signed a contract with a reputable compliance consulting expert to apply for the Digital Asset Service Provider (VASP) license and Type 9 asset management license from the Securities and Futures Commission (SFC).

This expert will conduct a comprehensive assessment of FTFT's business model and risk management capacity, while assisting in the preparation of documents and business plans to submit to the SFC, marking an important step for FTFT in expanding financial services.

The signing of the contract with the consulting expert demonstrates FTFT's commitment to comply with Hong Kong's strict regulations for businesses operating in the digital asset space and diversified asset management.

Why is applying for the VASP and Type 9 licenses important for FTFT?

The Digital Asset Service Provider (VASP) license and Type 9 supplement the existing Type 1, Type 2, and Type 4 licenses, allowing FTFT to expand its business scope to manage traditional and digital assets, while increasing legitimacy and credibility in the market.

With the rapidly developing digital financial market, this license helps FTFT meet strict regulatory requirements and enhance risk management capabilities, protect investor rights, while facilitating the development of new financial products.

The licensing process requires a thorough assessment of the business model, risk management system, and operational capacity, thereby ensuring FTFT operates transparently and safely according to SFC standards.

Collaborating with a strategic compliance expert is an essential step to ensure FTFT develops sustainably and strictly adheres to financial regulations in Hong Kong.

Quote from FTFT leadership (2024)

What benefits will FTFT gain from the new licenses?

The two additional licenses help FTFT expand its operations in the diversified asset management field, including both traditional and digital assets, enhancing its ability to serve customers with various needs.

The high-level asset management license will also enhance credibility, helping FTFT attract investment capital and strategic partners, aiming for sustainable revenue growth and long-term development in the digital finance sector.

At the same time, complying with SFC standards will help mitigate legal and financial risks, ensuring FTFT's business operations are transparent, safe, and well-received by the market.

How does the consulting expert evaluate FTFT's business model and risk management?

The consulting expert conducts a detailed examination of various aspects of the business model, including organizational structure, operational processes, security systems, and FTFT's risk management capabilities.

This assessment ensures that FTFT meets strict criteria as regulated by the SFC, especially in the field of digital assets which inherently carry high risks and complex compliance requirements.

The evaluation results will help FTFT complete its licensing application and build an optimal business plan, demonstrating management capacity, transparency, and legal compliance in the digital asset market.

What types of licenses does FTFT currently have in Hong Kong?

Currently, FTFT holds Type 1, Type 2, and Type 4 licenses in Hong Kong, related to traditional financial service activities.

The addition of VASP and Type 9 licenses will complete the license set to expand traditional and digital asset management services, as well as increase legality and trust from investors.

This diverse set of licenses helps FTFT flexibly develop a variety of financial products, meeting the increasing demands of the market and investors in the digital age.

Frequently Asked Questions

What is a VASP license and why is it necessary?

VASP is a license that allows businesses to provide services related to digital assets. It helps ensure legal compliance and increases reliability with customers.

What does the Type 9 asset management license signify?

Type 9 licenses businesses to manage assets, helping expand services and ensure compliance with the strict regulations of the SFC in Hong Kong.

How does the addition of licenses affect investors?

Investors can be assured of safety and transparency as FTFT holds multiple licenses for managing diverse assets and digital assets.

How can the consulting expert assist in the licensing process?

The expert evaluates the business model, risk management, and assists in drafting documents and business plans in accordance with SFC regulations.

Does FTFT have any licenses before applying for additional VASP and Type 9?

FTFT already has Type 1, Type 2, and Type 4 licenses in Hong Kong, mainly related to traditional financial services.

Source: https://tintucbitcoin.com/fuce-jinke-xin-giay-phep-vasp-hk/

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