Magic Circle and HKbitEX partner to promote the rapid development of security tokens in Hong Kong
HONG KONG, Feb 1, 2023, Magic Circle and Hong Kong Digital Asset Ex Limited (“HKbitEX”) officially announce their historic partnership to expand security token offering (“STO”) adoption in Hong Kong.
Hong Kong is considered to be one of the most crypto-friendly and supportive cities in Asia, and will soon become the main financial hub for tokenized securities (“ST”). On 31 October 2022, the Financial Secretary of Hong Kong (Financial Services and the Treasury Bureau) officially released the “Policy Statement on the Development of Virtual Assets in Hong Kong”, setting out the Government’s policy stance and approach towards the virtual asset industry and ecosystem.
The regulatory authorities consider that virtual assets have become indispensable in the market. The Government is working with financial regulators to create an environment that facilitates the sustainable and responsible development of the virtual asset industry in Hong Kong.
Dr. Shibin Wang, a director of HKbitEX commented: “Hong Kong has solid financial infrastructure and legal system, as well as a well-developed Fintech innovation environment. We are pleased to see that Hong Kong has established a complete digital asset regulatory framework in the past four years. Magic Circle is one of the earliest players in the STO space and we fully recognize its professionalism and agree with its foresight on the future and potential of STO. I believe that through in-depth cooperation with each other, we will bring more best practices to the future regulated digital asset market in Hong Kong and globally”
Magic Circle, is dedicated to providing solutions and tools for both security token issuers and investors, helping clients invest in STO and trade flexibly in a compliant and convenient process, while developing a global investor network. Magic Circle has already helped several Chinese and foreign companies adopt STOs. Magic Circle has also designed and developed a complete set of chain-neutral STO compliance issuance platforms, compliance trading protocols, digital identity, and ST wallet tools. With four years of development, Magic Circle has become a leading STO consultant and technology provider in Asia and continues to contribute to the building of a compliant digital securities issuance, distribution, and trading network.
Through the strategic partnership with HKbitEX, Magic Circle will support and promote the business expansion of HKbitEX, to collectively establish a trading market that complies with Hong Kong securities regulations. Both parties will work together to bring in more entrepreneurs from the innovation sector to raise capital through compliant STO in Hong Kong and jointly enhance market education and successful case sharing. Both parties will work together on compliance technology to meet regulatory requirements, provide more innovative investor protection capabilities and improve the user experience.
“Compliance with regulatory requirements and responsible issuance of digital assets are the biggest lessons left by the past few years, especially the crypto market crash of 2022. As a mature and innovative financial market, we are proud to start a historic partnership with HKbitEX, a leader in digital securities trading in Hong Kong, to bring in more innovators and entrepreneurs in the virtual asset space by sharing the successful practices of global STOs and supporting them to raise capital through digital securities in compliance with Hong Kong regulation.” Doer Qu-CEO of Magic Circle said:” We expect that closer collaboration with HKbitEX will drive accelerated adoption of the STO market in Hong Kong and the establishment of a leading brand.”
Hong Kong Digital Asset Ex Limited is a digital asset exchange, providing listing, trading, and over-the-counter (OTC) trading of digital assets for global professional investors. It is one of the first organizations to apply for a virtual asset trading platform license from the Hong Kong Securities and Futures Commission (SFC). Please visit http://www.hkbitex.com.hk/ to learn more.