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(Bloomberg) — TF International Securities Group Ltd. is seeking regulatory approval to offer a wide range of virtual asset-linked services in Hong Kong and kick-start growth outside the traditional brokerage business, a person familiar with the matter said.
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The firm, a wholly owned unit of Shanghai-listed Tianfeng Securities Co., recently applied to Hong Kong’s Securities & Futures Commission to provide virtual asset in/out services, enabling investors to deposit and withdraw cryptocurrencies rather than traditional currencies when dealing in virtual assets, said the person, who asked not to be named discussing a private matter.
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The firm also applied to the SFC for approval to help clients issue and underwrite tokenized real world assets, according to the person. The brokerage is in talks with a few firms to explore the sale of such tokenized assets in areas including green energy and intellectual property, with underlying assets mainly in funds and bond products.
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A TF International spokesperson didn’t immediately respond to a comment request. The SFC wasn’t immediately available to comment.
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Tianfeng Securities disclosed last Friday that the Hong Kong unit got SFC approval to offer virtual asset trading services, causing an almost 8% surge in its Shanghai-listed shares.
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China banned all crypto-linked transactions and services on the mainland in 2021, while allowing the business to flourish in Hong Kong, a semi-autonomous special region. The city has pushed hard to make itself into a crypto hub, providing licenses for dozens of securities firms for virtual asset dealing services under an omnibus account arrangement.
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Chinese brokerages, which have been latecomers in embracing virtual assets, are now jumping on the bandwagon. The development will also give them a chance to compete outside the traditional securities brokerage business, where the Chinese market is saturated with fierce competition and little room for growth.
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Their interest has spurred several stock rallies as the hype builds. Guotai Junan International Holdings Ltd. soared 167% last week after announcing the firm had got license update to enable clients directly trade virtual assets on its platform.
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—With assistance from Kiuyan Wong.
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