China State-owned Greenland to apply for Hong Kong virtual asset trading license

May 22, 2023

By Sharan Kaur Phillora

Greenland Financial Technology Group, a wholly-owned subsidiary of China’s state property giant Greenland Holdings, is planning to apply for a license to open a crypto business in Hong Kong, the South China Morning Post reports, citing James Geng Jing, the head of the financial arm.

Here’s what we know: 

Greenland Financial Technology Group, whose parent company is 46.4% owned by the Shanghai municipal government, is said to be the first state-owned entity to show interest in capitalizing on Hong Kong’s crypto push. Geng Jing, the firm’s CEO, reportedly said the firm hopes to delve into crypto trade, NFTs, and carbon credits.

Greenland’s interest in setting up shops in Hong Kong is particularly noteworthy due to mainland China’s harsh stance on digital asset trading, which has included restrictions on such activities. 

In 2018, Greenland Holdings was one of 29 applications vying for virtual bank licenses issued by Hong Kong. But its hopes were dashed when it wasn’t among the chosen eight. Now, it’s reportedly trying again with a crypto twist.

Earlier this year, Hong Kong’s Securities and Futures Commission (SFC) proposed new regulations for the crypto industry, including a fresh licensing scheme.

Although it is unclear when Greenland plans to apply for the license, Geng said the company wants to trade not only traditional cryptocurrencies, but also non-fungible tokens (NFTs) and “products related to carbon emissions.”

About the author

Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.

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