HONG KONG, November 17, 2022 /PRNewswire/ — Lion Group Holding Ltd. (“Lion” or “The Group”) (NASDAQ: LGHL), operator of an all-in-one trading platform that offers a wide range of products and services as well as a developer of new growth products, including SPAC sponsorship, NFT and metaverse-related initiatives, today announced that the Group will file a formal application with the Securities and Futures Commission to hong kong (“Hong Kong SFC”) for a Virtual Asset Trading Platform (VATP) license (“SFC Type 7 License”) to further expand its digital trading footprint.
Currently, hong kong establishes a standardized global virtual asset (VA) trading market. According to the SFC Hong Kong position paper on the regulation of AV trading platforms in hong kongreleased in 2019, a company that operates a centralized VA trading platform in hong kong and intends to offer trading in at least one security token on this platform can apply for a license from the SFC to engage in regulated activities, Type 1 (trading in securities) and Type 7 (providing Automated Trading Services (ATS)). In particular, VA are digital representations of value which can be in the form of digital tokens (such as digital currencies, utility tokens or security or asset-backed tokens), any other virtual product, crypto assets or other assets of substantially the same nature, whether they constitute “securities” or “futures contracts” within the meaning of the Securities and Futures Ordinance.
An SFC Type 7 license (ATS provider) will allow the Group to provide its clients with automated financial services covering several sectors, including securities, futures, currencies, bonds and other financial products. The requirements of this license are more stringent than those of other financial services licenses given the high technology content of the industry and the involvement of VA transactions. Currently, only two companies have been approved by SFC Hong Kong for this license, and there is no doubt that the first compliant virtual trading platform is expected to see wide development opportunities.
Lion remains focused on culture in hong kong and Singapore, which are both global financial centers and competing global virtual asset centers. With a commitment to creating an extremely comprehensive compliance business system guarantee for customers, Lion always champions the license-first concept. So far, Lion Group holds various licenses, including SFC Type 1 (Securities Trading), Type 2 (Futures Trading), Type 4 (Securities Advisory), Type 5 (Futures Advisory) and Type 9 (asset management) issued by the Hong Kong SFC, the Capital Markets Service (CMS) license issued by the Monetary Authority of Singapore Full securities investment license issued by the Cayman Islands Monetary Authority (CIMA) as well as a Crypto Licensed by the Dubai Multi Commodities Center (DMCC). The Group’s application for TVAP approval in hong kong will enable Lion Group to further expand into the fintech sector and opens up new revenue opportunities.
Mr. Wang Chunning (Wilson), CEO of Lion Group Holding Ltd, said: “Lion not only has a unique financial innovation business model, but also has a competitive advantage in compliance, with a full range of operating licenses for its financial activities. lion world metaverse project and our NFT project “MetaWords” developed very early in collaboration with a world famous artist Xu Bingwere all breakthroughs at the frontier of digital innovation.”
“After successfully obtaining the SFC Type 7 VA trading license from SFC Hong Kong, Lion will meet the relevant compliance requirements making it eligible as a VATP. Lion will not only provide professional investors with automated trading services such as crypto-based digital transactions and other digital asset innovations, but also allow customers to access the digital asset market with greater convenience while meeting compliance requirements.”
“Going forward, we will continue to expand the reach of fintech, including but not limited to areas such as VA, ESG, and Web3.0. We will strive to both to contribute to and promote the high-speed construction and high-quality sustainable development of the financial digital ecological corporate system, while delivering significant growth in value for our shareholders.”
Lion Group Holding Ltd. (Nasdaq: LGHL) operates a state-of-the-art, all-in-one trading platform that offers a wide range of products and services, including (i) Total Return Service (TRS) trading, (ii) contract for difference (CFD) trading, (iii) insurance brokerage and (iv) futures and securities brokerage.
Additionally, Lion has a professional and experienced SPAC sponsorship team to become a leader in the SPAC arena, helping to guide private companies through their enrollment journey while creating value for Lion itself. Lion is also committed to building the world’s best one-stop, cross-chain, high-growth non-fungible token (NFT) as well as operating and managing innovative projects in areas such as Metaverse, Web 3.0 and ESG through research and development of advanced technologies.
Lion Holding Group
Tel: +852 2820 9011
E-mail: [email protected]
Tel: +1 203 682 8233
E-mail: [email protected]
SOURCE Lion Group Holding Ltd.