Baker McKenzie has assisted Victory Securities to become the first licensed corporation in Hong Kong to deliver virtual asset (VA) dealing services to retail clients after securing the Securities and Futures Commission’s (SFC) approval.
Victory Securities, a subsidiary of Hong Kong Stock Exchange-listed Victory Securities (Holdings), is authorised to offer VA dealing services to retail clients through the establishment of an omnibus account with SFC-licensed VA trading platforms, known as Omnibus VA Dealing Services.
Financial services regulatory partner Karen Man, who led the team, said, “This development not only attests to our client’s commitment to be at the forefront of providing regulated VA services to investors in Hong Kong but also demonstrates Baker McKenzie’s strengths in VA regulatory advisory services. With our strong track record and extensive industry experience in virtual assets, we look forward to supporting Victory Securities with their legal needs as they continue to lead Hong Kong’s thriving virtual assets industry with new services and product offerings.”
Virtual asset specialists Ryan Chan and Samantha Lai assisted Man. The approval follows the release of the updated joint circular on intermediaries’ VA-related activities by the SFC and the Hong Kong Monetary Authority on 20 October 2023, superseding the 2022 joint circular.
