TechFlow reports on November 4 that according to Oriental Daily, Hong Kong-based virtual asset broker Victory Securities announced plans to launch two innovative products and services by the end of 2024. The company has received approval from the Securities and Futures Commission (SFC) of Hong Kong to become the first licensed securities firm in Hong Kong authorized to distribute cash-settled virtual asset structured products to qualified professional investors.
These products reference virtual assets and aim to help clients achieve multiple investment objectives such as higher potential returns under specific market conditions, managing market volatility risks, and arbitrage. In addition, Victory Securities plans to offer designated products and services for customers holding stablecoins through its platform to help them earn additional yields.
Chen Peiquan, Executive Director of Victory Securities, said that currently, the regulated cryptocurrency investment market lacks strategic investment product options. The approval to distribute virtual asset structured products marks an important step forward for Hong Kong in building a more comprehensive virtual asset ecosystem. Notably, Victory Securities is the first and only brokerage in Hong Kong approved to allow clients to directly deposit and withdraw cryptocurrencies and stablecoins via its platform.
