JPEX, a licensed crypto assets platform that facilitates the trading of virtual and digital currencies, has announced a subscription and shareholders agreement with Radio World Limited (a direct subsidiary of Synertone Communication Corporation), Fung Wong International Group, and Jade Power Lab Technology Group Limited.
This joint venture attempts to operate a virtual asset trading platform (VATP) in China’s administrative region. Set up to seize the arrays of opportunities in the booming Hong Kong digital currency market and create new revenue channels for the participants, the agreement will leverage JPEX’s technology and experience in the industry.
Radio World, JPEX, and Fung Wong will hold 51%, 25%, and 24% of shares, respectively, among which 10% will be held by Fong Wong for future grants to important personnel as an incentive for contributing to Jade Power’s growth.
The Joint Venture and Changes in Hong Kong’s Regulatory Landscape
The joint venture will rely on JPEX for the continued operation and maintenance of the VATP. It will piggyback on the digital currency trading platform’s substantial presence in Hong Kong’s asset market and its firm regulatory compliance. JPEX will apply to the Hong Kong Securities and Futures Commission for the necessary licenses to operate a VATP in the region. And is working to meet regulatory standards that apply to licensed trading platforms during the licensing process.
Hong Kong’s government’s current policies aim to develop the region into a web3 and virtual asset hub. And combined with significant changes in the regulatory landscape which now offers stakeholders and potential investors a concise, clear view of regulations as it pertains to digital currencies, the parties of this partnership, JPEX included, believe, resolutely, that adoption is at a dynamic phase. They expect the demand for virtual assets to rise exponentially and, through this joint venture, hope to position themselves at the forefront of this revolution.
Radio World will pay its subscription amount to Jade Power in cash while JPEX and Fung Wong will provide tech products and consultancy/ advisory services to Jade Power in satisfaction with its subscription amount, respectively, per official documents.
The JPEX Asset Trading Platform
Headquartered in Dubai, JPEX provides a safe and reliable international platform for all assets and currency trading. It is committed to delivering an accessible, user-friendly, and secure place to exchange USDT, Bitcoin, and other currencies. The joint venture will leverage JPEX’s unrivaled presence in Hong Kong and other parts of the world to maintain and operate a VATP in absolute compliance with regulatory frameworks.
In line with JPEX’s dedication to offering a superior and advanced trading solution, the platform will apply for licenses in other countries as it aims to solidify its stance as a reputable international trading ecosystem. Per the details of the joint venture, it will apply for new regulatory permits to undertake the task of a VATP operator in the Hong Kong region.
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