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NEW YORK - Future FinTech Group Inc. (NASDAQ:FTFT), a micro-cap financial technology company with a market capitalization of $6.52 million, announced Monday that its Hong Kong subsidiary, Future International Securities and Futures Limited, has signed an agreement with a Hong Kong compliance consultant to apply for a Type 1 Virtual Asset Service Provider (VASP) license and a Type 9 Asset Management License from Hong Kong’s Securities and Futures Commission. According to InvestingPro analysis, the company’s stock has declined 39% year-to-date, though it appears undervalued based on Fair Value estimates.
The consultant will review the company’s business model and risk management capabilities while helping prepare application materials for submission to regulators. The VASP license would allow Future Securities to offer cryptocurrency trading services through electronic facilities.
Future Securities currently holds Hong Kong Licenses Type 1, 2 and 4, which permit the company to provide traditional financial services including stocks, bonds and funds trading.
"Future Securities’ application for upgrading its Hong Kong VASP license represents a key strategic move for our development," said FTFT CEO Hu Li in the press release statement.
If approved, the license would authorize Future Securities to conduct virtual asset-related business within Hong Kong’s regulatory framework, potentially expanding the company’s service offerings beyond traditional financial products.
Future FinTech has established a dedicated team to prepare the application materials and is working with legal and compliance advisors throughout the process, according to the company statement.
The announcement comes as Hong Kong continues to develop its regulatory approach to digital assets, positioning itself as a financial hub accommodating both traditional and emerging financial technologies.
Future FinTech Group describes itself as a comprehensive financial and digital technology service provider that conducts brokerage and investment banking services in Hong Kong while engaging in supply chain trading and finance businesses in China.
In other recent news, Future FinTech Group Inc. has made several significant announcements. The company has appointed Professor Yu Xiong as its Chief Blockchain Advisor to help guide their expansion into stablecoins and real-world asset businesses. Professor Xiong brings extensive experience from his roles at the University of Surrey and his previous advisory work with the UK Parliament. Additionally, Future FinTech has undergone notable leadership changes at both the executive and board levels. Ting (Alina) Ouyang has been named the new Chief Financial Officer and board director, while David Xu has taken on the role of Chairman of the Board. These appointments follow the resignations of Ming Yi as CFO, Fuyou Li as Board Chairman, and Ying Li as director and Vice President. These developments indicate a strategic shift within the company as it positions itself for future growth.
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