Baker McKenzie assisted Victory Securities Company Limited ("Victory Securities"), a wholly owned subsidiary of Hong Kong Stock Exchange-listed Victory Securities (Holdings) Company Limited, in securing approval from the Hong Kong Securities and Futures Commission ("SFC") to manage investment funds that comprise up to 100% virtual assets.
After becoming the first licensed corporation to be permitted to provide the full spectrum of virtual asset dealing and advisory services in Hong Kong (see our press release of 12 October 2022 for further details), Victory Securities has now secured SFC consent to launch two cryptocurrency tracker funds. This approval makes Victory Securities the only licensed corporation in Hong Kong with the necessary regulatory approvals to provide virtual asset-related distribution, advisory and asset management services pursuant to its SFC licenses to conduct Type 1 (dealing in securities), Type 4 (advising on securities) and Type 9 (asset management) regulated activities, cementing the position of Victory Securities as the market leading provider in Hong Kong of comprehensive digital assets related services.
The Baker McKenzie team advising Victory Securities comprised virtual assets specialists Joy Lam, Ryan Chan and Samantha W.S. Lai.
Commenting on the deal, Joy said, "We are very pleased to have supported Victory Securities in obtaining this approval, having also assisted them in successfully securing consent from the SFC for the provision of the full spectrum of dealing and advisory activities. It has a been privilege to partner with Victory Securities as it has explored and embarked upon its embrace of virtual assets across each of its regulated service lines. We look forward to leveraging our unparalleled experience in virtual assets and working side-by-side with Victory Securities to support their legal needs as they continue to lead Hong Kong's thriving virtual assets industry into new frontiers."Kennix Chan, Executive Director of Victory Securities commented, "We are very excited to reach another milestone and we look forward to providing a full range of virtual asset related services and products to our clients in the coming days. It has been a great pleasure working with Baker McKenzie during our VA journey. They have been commercial, responsive and demonstrated a deep understanding of virtual assets and related emerging market trends. Sincere thank you to the Baker McKenzie team, and I look forward to more possibilities in the coming future!"