Bitcoin

Signum Digital, a joint venture of Coinstreet and Somerley, has announced that it has received approval-in-principle from the Hong Kong Securities and Futures Commission (SFC) for its security token offering (STO) and subscription platform. The STO platform, which will be managed under the brand name “CS-Pro,” is a new category of virtual assets built on blockchain technology that represents ownership of tangible assets, such as private equities, real estate, art, and collectibles. The STOs, linked to real-world assets, are expected to lower the risk for potential investors, facilitate their research process, and provide a foundation for the market value of the investment opportunity.Signum Digital claims that its platform is a pioneering development in Hong Kong. After receiving final authorization from Hong Kong’s SFC, the CS-Pro platform will allow investors to invest in tangible assets through security tokens. The approval-in-principle from SFC for Signum Digital’s STO platform comes after the Hong Kong SFC released preliminary regulations for virtual asset trading platforms last month, and urged the general public to provide their input. The upcoming licensing system, scheduled to begin in June, mandates that digital currency exchanges submit applications for licenses that would let everyday investors trade specific high-capitalization tokens.Hong Kong has been proposing new initiatives for the city’s cryptocurrency and digital asset sector since last year when it invited firms interested in providing STO services to pitch proposals. Cryptocurrency exchange Huobi Global also announced last month that it is applying for a license to operate in Hong Kong, possibly moving its headquarters from Singapore to the special administrative region. Recently, Hong Kong has displayed a good deal of interest in becoming a crypto hub as it has invested heavily in supporting the potential of technologies like Web3.In mid-December, Hong Kong launched its first two exchange-traded funds (ETF) for cryptocurrency futures, which raised over $70 million ahead of its debut. The event came soon after the head of Hong Kong’s Securities and Futures Commission announced in October that Hong Kong is willing to distinguish its crypto regulation approach from the Chinese crypto ban enforced in 2021. Hong Kong’s regulatory framework aims to strike a balance between investor protection and fostering innovation in the fintech sector, including virtual assets. The approval of Signum Digital’s STO platform is expected to further strengthen Hong Kong’s position as a leading hub for the digital asset industry.Credit: <a href="https://blockchain.news/news/signum-digital-receives-approval-for-security-token-offering-platform" rel="noopener noreferrer nofollow">Source link</a>

Signum Digital Receives Approval For Security Token Offering Platform

AsiaTokenFund

Other articles published on Mar 19, 2023

Breaking Down GPT-4 and Its Implications for Cryptocurrency

Diversified Set of Guardians Required for Safe Self-custody: Vitalik Buterin

Panther Protocol's Weekly update (03/17/2023)

OK Users Rejoice: The Okcash users are eligible for the Amazing Arbitrum Airdrop

Crypto and Taxes: What You Need to Know

How do successful traders spend their weekends?

Join our free newsletter for daily crypto updates!