Future FinTech Hong Kong subsidiary applies for VASP license

Future FinTech (FTFT)Group announced that its wholly-owned Hong Kong subsidiary, Future International Securities and Futures has signed a commission agreement with a renowned Hong Kong compliance consultant. The consultant will help the Company to apply for a Hong Kong Type 1 Virtual Asset Service Provider, or VASP, license from the Securities and Futures Commission, or SFC, of Hong Kong while also applying for a Type 9 Asset Management License; this builds upon Future Securities’ existing Hong Kong Licenses Type 1, 2 and 4. Together with FTFT’s Real-World Asset division, the compliance consultant will conduct a comprehensive review of the Company’s business model and risk management capabilities, and will assist in preparing application materials and a business plan for submission to the SFC of Hong Kong. The Hong Kong VASP license covers services related to virtual assets such as cryptocurrency trading through electronic facilities. Upon successful acquisition of the VASP license, Future Securities will be authorized to conduct virtual asset-related business within a compliance framework.