Baker McKenzie's Virtual Assets Team Assists Victory Securities in Obtaining SFC Approval for Crypto Funds

Baker McKenzie's Virtual Assets Team Assists Victory Securities in Obtaining SFC Approval for Crypto Funds

Baker McKenzie provided legal assistance to Victory Securities Company Limited, a subsidiary of Hong Kong Stock Exchange-listed Victory Securities (Holdings) Company Limited, in obtaining approval from the Hong Kong Securities and Futures Commission (SFC) to manage investment funds with a virtual asset allocation of up to 100 per cent.

Victory Securities has added another feather to its cap by obtaining the SFC's approval to launch two cryptocurrency tracker funds, after becoming the first licensed corporation in Hong Kong to offer a full range of virtual asset dealing and advisory services.

This new approval puts Victory Securities in a unique position, being the only licensed corporation in Hong Kong to offer virtual asset-related distribution, advisory, and asset management services, authorised to conduct Type 1 (dealing in securities), Type 4 (advising on securities), and Type 9 (asset management) regulated activities. This further cements Victory Securities' status as the premier provider of comprehensive digital asset-related services in Hong Kong.

Assisting Victory Securities with its regulatory approval, Baker McKenzie's team was led by virtual assets specialists Joy Lam, Ryan Chan, and Samantha W.S. Lai.

Joy Lam expressed her satisfaction with having assisted Victory Securities in obtaining this approval.

She also noted that the team had previously helped the company secure consent from the SFC for the provision of the full range 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,” Joy Lam said.

Kennix Chan, Executive Director of Victory Securities, expressed excitement about the achievement of another milestone and the company's readiness to provide clients with a complete suite of virtual asset-related products and services shortly.

“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,” Kennix Chan added.