China Pacific Investment Management (Hong Kong) Co., Ltd. was approved to upgrade the Hong Kong Securities and Futures Commission’s Type I and Type IV licenses to engage in virtual asset fund distribution and consulting services
China Pacific Insurance Investment Management (Hong Kong) Co., Ltd. (Pacific Insurance Management Hong Kong), a subsidiary of China Pacific Insurance Group, announced that its existing Type 1 (securities dealing) and Type 4 (advising on securities) regulated businesses have obtained The Hong Kong Securities and Futures Commission approved the upgrade. From now on, CPIC Asset Management Hong Kong can provide distribution and investment advisory services to funds with a virtual asset investment ratio of more than 10%.
This major development marks an important step taken by CPIC Asset Management Hong Kong in the field of virtual assets on the basis of adhering to compliance and regulatory requirements. With the completion of the above-mentioned license upgrade, CPIC Asset Management Hong Kong will continue to delve into virtual asset-related fields from multiple perspectives, including fund distribution and investment advisory services, empower virtual asset projects, and work with trustworthy partners to help Hong Kong become a A sustainable and responsible development virtual asset center, the formation of a virtual asset ecosystem, and Web3s contribution to the road to large-scale application.
Background of licensing system for virtual asset service providers
On January 28, 2022, the Hong Kong Securities and Futures Commission and the Monetary Authority jointly issued the Joint Circular on Virtual Asset-Related Activities of Intermediaries, which clarified the requirements for the distribution of virtual asset-related products, the provision of virtual asset trading services, and the provision of virtual asset-related services. Specific regulatory requirements for opinions and other aspects. According to this regulation, in order to protect the interests of investors, intermediaries that intend to provide virtual asset-related services need to meet regulatory requirements in corporate governance, risk control, due diligence process, customer adaptability assessment and other aspects, and apply for upgrade or application to the regulatory agency Relevant licenses (as a virtual asset platform operator) can only be carried out after receiving regulatory approval.
License upgrade an important milestone
The development of virtual asset-related businesses is an important strategic deployment of CPIC Asset Management Hong Kong in the past two years. After a long period of preparation and frequent communication with the Hong Kong Securities Regulatory Commission, CPIC Asset Management Hong Kong officially received the Hong Kong Securities Regulatory Commission’s approval for the upgrade of the first and fourth types of regulated business licenses on September 22, 2023, so that it can be used immediately Beginning to provide distribution and investment advisory services to funds with an investment ratio of more than 10% in virtual assets. Through this key milestone, CPIC Asset Management Hong Kong’s commitment to providing investors with virtual asset-related services within a regulatory compliance framework has been witnessed.
CG Zhou, CEO of CPIC Asset Management Hong Kong, said: Hong Kong is a historically important global financial center and has the soil to attract a large number of financial and technology-related talents. The development of the virtual assets and Web3 industries is unparalleled globally. The power of change that has been ignored. With the frequent launch of various policies and projects for virtual assets by the Hong Kong government last year, we are full of confidence in the sustainable and responsible development of the virtual asset industry in Hong Kong. As a traditional financial institution, we are committed to integrating several The governance, risk control, and compliance capabilities and experience accumulated over the past ten years have been introduced into the virtual asset business to promote virtual assets and Web3-related funds and projects while better protecting the interests of investors and helping Hong Kong become a global Web3 center. pace. We believe that our unique advantages will make us one of the most trusted institutions by industry participants, laying the foundation and providing services for larger-scale funds to enter the virtual asset industry.
Virtual Asset Business Blueprint
CPIC Asset Management Hong Kong has drawn up blueprints for its layout in multiple areas of the virtual assets and blockchain ecosystem. With the approval of this license upgrade, it will also accelerate its business expansion.
In terms of fund distribution and investment advisory services, CPIC Asset Management Hong Kong will cooperate with industry-leading investment institutions, leverage its expertise in investment and risk control, provide advice on virtual asset investment and conduct distribution, and continue to launch high-quality virtual asset projects. / Primary market and secondary market fund products that build a safe bridge between digital currencies and investors.
As a traditional financial institution deeply involved in the virtual asset ecosystem, CPIC Asset Management Hong Kong has also carried out a series of explorations in the field of RWA, negotiating cooperation with major ecosystems, exchanges, wallet providers, etc. to put various real-world assets on the chain and graft them Usage scenarios, striving to solve asset quality and security, on-chain liquidity and end-user pain points.
As the person at the helm of CPIC Hong Kong’s virtual asset strategy, CEO CG Zhou pointed out: “In terms of asset allocation ratio and number of users, the development of virtual assets and Web3 is still in a relatively early stage. But with the continuous advancement of technology Judging from the iteration of key nodes and the resource allocation of some traditional financial giants, increasing allocations in the field of virtual assets and Web3 has formed an irreversible trend. On the other hand, the application of Web3 related technologies will largely solve the problem of real-world assets. Efficiency and trust issues in circulation. As a traditional financial institution that abides by and pursues the highest compliance and regulatory standards, we will also maintain great flexibility and cooperate with the best and trustworthy institutions in the market to jointly exert our own capabilities. Our expertise brings valuable investment opportunities and solutions to the industry, with a view to contributing to the development of this asset class and industry.
About CPIC Asset Management Hong Kong
China Pacific Insurance Investment Management (Hong Kong) Co., Ltd. holds Type 1 (securities dealing), Type 4 (advising on securities) and Type 9 (asset management) licenses from the Securities and Futures Commission of Hong Kong. The parent company of CPIC Asset Management Hong Kong is China Pacific Insurance Group Co., Ltd. and Pacific Asset Management Co., Ltd., a subsidiary of the group company. With a global perspective, CPIC Asset Management Hong Kong leverages its genes for allocating major insurance assets, and provides customers with various asset management and investment advisory services across traditional assets and emerging assets, focusing on the three pillars of fixed income, equity, and alternative investments. Virtual assets It has also been included in the latest investment advisory service scope.
