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<h2 id="header-0">Key Takeaways</h2><ul><li>Hong Kong&#39;s Securities and Futures Commission (SFC) has granted approval-in-principle to Signum Digital for its security token offering (STO) platform</li><li>#Signum Digital, a joint venture between Coinstreet and Somerley, can now legally operate in Hong Kong&#39;s virtual asset market, providing a secure and regulated platform for investors to trade digital assets</li><li>The approval of Signum Digital&#39;s STO platform is a significant milestone in the city&#39;s progress towards becoming a leading hub for #virtual asset trading</li></ul><h3 id="the-securities-and-futures-commission-sfc-of-hong-kong-has-given-its-approval-to-signum-digital-limited-to-operate-a-security-token-offering-sto-platform">The Securities and Futures Commission (SFC) of Hong Kong has given its approval to Signum Digital Limited to operate a Security Token Offering (STO) platform</h3>Hong Kong&#39;s Securities and Futures Commission (SFC) has granted approval in principle to Signum Digital, a joint venture between Coinstreet and Somerley, to offer security tokens in the city. The permission paves the way for #Signum Digital to launch its STO (security token offering) platform under the brand name &#34;CS-Pro&#34; and provides a secure and regulated way for investors to participate in STOs.Security tokens are a new category of digital assets built on <a href="https://www.coingabbar.com/en/crypto-blogs-details/what-are-crypto-and-blockchain-technology" rel="noopener noreferrer nofollow">blockchain technology</a> that represent ownership of tangible assets, such as private equities, real estate, art, and collectables. The linkage with real-world assets reduces risks for potential investors and facilitates research processes, providing a foundation for the market value of the investment opportunity.Hong Kong has been proactive in regulating the virtual asset trading industry, releasing preliminary regulations for #virtual asset trading platforms last month and urging the general public to provide their input. Under the upcoming licensing system scheduled to begin in June, digital currency exchanges will be required to submit license applications that will allow everyday investors to trade specific high-capitalization tokens.The approval of Signum Digital&#39;s STO platform is a positive development for the #blockchain industry in Hong Kong, as it provides a regulated and secure way for investors to participate in this emerging asset class. It also supports the city&#39;s commitment to becoming a leading player in the cryptocurrency and digital asset space.Hong Kong is investing heavily in supporting the potential of technologies like #Web3 and is displaying a keen interest in becoming a crypto hub. In mid-December 2022, the city launched its first two exchange-traded funds for #cryptocurrency futures, raising over $70 million ahead of its debut. This event followed the head of Hong Kong&#39;s #SFC announcement in October that the city is willing to distinguish its <a href="https://www.coingabbar.com/en/crypto-blogs-details/what-is-crypto-regulation-and-why-does-it-matters-coingabbar" rel="noopener noreferrer nofollow">crypto regulation</a> approach from the Chinese crypto ban enforced in 2021.Despite challenges faced by Hong Kong, such as losses to #crypto scams doubling to $217 million last year, the city&#39;s commitment to innovation and regulation positions it as a significant player in the cryptocurrency and #digital asset space. The approval of Signum Digital&#39;s STO platform marks a significant milestone in the city&#39;s progress towards becoming a leading hub for virtual asset trading.Also, read - <a href="https://www.coingabbar.com/en/crypto-currency-news/why-shibarium-beta-testnet-does-not-have-a-unique-blockchain-id-5-million-bone-unstaked" rel="noopener noreferrer nofollow">Why Shibarium Beta Testnet Does Not Have a Unique Blockchain ID? 5 Million&#43; Bone Unstaked</a>

Hong Kong's SFC Grants Signum Digital Approval for Security Token Offering Platform

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Andra artiklar publicerade 18 mars 2023

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