HONG
KONG, Nov. 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 spectrum 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 formally apply to the
Securities and Futures Commission of Hong
Kong ("Hong Kong SFC") for a Virtual Asset Trading Platform
(VATP) license ("SFC Type 7 license") to further expand its digital
business footprint.
Presently, Hong Kong is
establishing a standardized global virtual asset (VA) trading
market. According to the Hong Kong SFC's position paper
on the regulation of VA trading platforms in Hong Kong, issued in 2019, a firm that
operates a centralized VA trading platform in Hong Kong and intends to offer trading of at
least one security token on this platform may apply
for a license from the SFC to conduct regulated activities, Type 1
(dealing in securities) and Type 7 (providing automated trading
services (ATS)). In particular, VAs are digital representations of
value which may be in the form of digital tokens (such as digital
currencies, utility tokens or security or asset-backed tokens), any
other virtual commodities, crypto assets or other
assets of essentially the same nature, irrespective of whether they
constitute "securities" or "futures contracts" as defined under the
Securities and Futures Ordinance.
A SFC Type 7 (ATS provider) license will allow the Group to
provide customers with automated financial services covering
multiple industries including securities, futures, foreign
exchange, bonds and other financial products. The requirements for
this license are more stringent than other financial service
licenses given the high technological content of the industry and
the involvement of VA transactions. Currently, only two companies
have been approved by the Hong Kong SFC for this licensing, and
there is no doubt that the first compliant virtual trading platform
should witness broad development opportunities.
Lion remains focused on cultivation in Hong Kong and Singapore, which are both global financial
centers and also competing global virtual asset hubs. With a
commitment to create an extremely complete compliance trading
system guarantee for customers, Lion always upholds the concept of
license first. Up to now, Lion Group holds various licenses,
including SFC Type 1 (dealing in securities), Type 2 (dealing in
futures contracts), Type 4 (advising on securities), Type 5
(advising on futures contracts), and Type 9 (asset management)
licenses issued by the Hong Kong SFC, the Capital Markets Service
(CMS) license issued by the Monetary Authority of Singapore , Full Securities Investment
Business License issued by Cayman Islands Monetary Authority (CIMA)
as well as a Crypto License from the Dubai Multi
Commodities Centre (DMCC). The Group's VATP license application in
Hong Kong will enable Lion Group
to further expand in the fintech sector and opens 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 holds a competitive
edge when it comes to compliance, with a complete array of
operating licenses for its financial activities. Our Lion World metaverse project and our "MetaWords"
NFT project developed early-on in collaboration with world-renowned
artist Xu Bing, were all
breakthroughs at the frontier of digital innovation."
"After successfully obtaining the SFC Type 7 VA trading license
from the Hong Kong SFC, 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 encrypted digital transactions and other innovative digital
assets, but also allow customers access to the digital assets
market with greater convenience whilst meeting compliance
requirements."
"In the future, we will continue to expand the scope of
financial technology, including but not limited to areas such as
VAs, ESG, and Web3.0. We will strive to both contribute and promote
the high-speed construction and high-quality sustainable
development of the financial digital ecological business system,
while delivering meaningful value growth for our shareholders."
About Lion
Lion Group Holding Ltd. (Nasdaq: LGHL) operates an all-in
one, state-of-the-art trading platform that offer a wide spectrum
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.
In addition, Lion owns a professional and experienced SPAC
sponsorship team to become a leader in the SPAC arena, helping
guide private companies through their listing journey while
creating value for Lion itself. Lion is also committed to building
the world's top one-stop, cross-chain, high-expansion
non-fungible token (NFT)
trading marketplace as well as operating and managing innovative
projects in areas such as the Metaverse, Web 3.0, and ESG through
advanced technology research and development.
Contacts
Lion Group Holding
Tel: +852 2820 9011
Email: ir@liongrouphl.com
ICR, LLC
William Zima
Tel: +1 203 682 8233
Email: ir@liongrouphl.com
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SOURCE Lion Group Holding Ltd.
