China Pacific Insurance Group's Subsidiary License Upgrade to Provide Virtual Asset Service in HK

China Pacific Insurance Group's Subsidiary License Upgrade to Provide Virtual Asset Service in HK
Source: CPIC

China Pacific Insurance Group's subsidiary, CPIC Investment Management (H.K.) has announced an upgrade to its existing Type 1 (securities dealing) and Type 4 (advising on securities) regulated activities, which have been approved by the Hong Kong Securities and Futures Commission.

As of today, CPIC Investment Management Hong Kong is allowed to provide distribution and investment advisory services to funds with a virtual asset investment allocation exceeding 10%.

Mr. CG Zhou, CEO of CPIC Investment Management Hong Kong, stated,

"The development of virtual assets and the Web3 industry represents an undeniable transformative force globally. With various policies and initiatives introduced by the Hong Kong government last year regarding virtual assets, we have confidence in the sustainable and responsible development of the virtual asset industry in Hong Kong.

As a traditional financial institution, we are committed to bringing decades of governance, risk management, compliance capabilities, and experience into the virtual asset business. This will not only support virtual asset and Web3-related funds and projects but also better protect the interests of investors, contributing to Hong Kong's journey toward becoming a global Web3 hub."

China Pacific Insurance is the second-largest property insurance company in mainland China, following China Insurance, and is also one of the three major life insurance companies.

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Source

Policy and Regulation

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